Predictions about the Costs of Climate Action are Wrong

US Secretary of Energy Ernest Moniz recently explained how the costs of environmental sustainability have been consistently wrong. The subtext of his response is that managing climate change through clean energy and efficiency is both achievable and compatible with economic growth.

Secretary Moniz made the point in response to a question he fielded in a tele-town hall with 15,000 EDF members. Moniz addressed a range of topics including clean energy innovation, more efficient infrastructure, distributed energy, smarter grids, and climate pollution reductions.

There was one question that was of particular interest, "Is economic growth possible without environmental degradation?" For many, particularly those in the private sector, this question is the crux of the whole issue. Moniz responded by saying:

"There’s a history of lots of predictions of how expensive it’s going to be to move forward with economic growth while controlling environmental impacts, and historically, I think every time it’s proven to be incorrect."

The cost of moving towards a low carbon economy  is an effective scare tactic that resonates with many, however, as pointed out by Secretary Moniz, they have all proven to be wrong. A cost benefit analysis of acting on climate change reveals that the benefits of acting far outweigh the costs.

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