Global Emissions Reductions Have Already Saved the U.S. $60 Billion, Report Says

Global action to reduce carbon dioxide has produced at least $60 billion in economic benefits to the U.S. in the last five years, according to a new analysis.  It also concludes that current rates of  emission reductions worldwide could contribute another $2 trillion in the next 15 years.

The report was published Thursday by by the Institute for Policy Integrity, a think tank and advocacy organization at the New York University School of Law, and concluded that the U.S. will gain far more from global efforts on climate change in damages avoided to the economy, public health and the environment than proposed regulations would cost.

"A lot of people have advocated for climate action based on moral and environmental reasoning," said Peter Howard, the institute’s economics director and co-author of the report. "This demonstrates there’s an economic sense to agreeing to reaching a climate agreement."

International cooperation for  climate action is essential because carbon pollution isn’t contained by national borders.  Excessive coal use in China and India will be felt globally through higher temperatures and more frequent extreme weather events, but as the report’s authors point out, the converse is also true with the benefits of emissions reductions being felt worldwide.

The report counters arguments often used by opponents of climate action in the U.S. that taking the lead in reducing carbon emissions will allow developing nations to continue to pollute with few consequences.

In response to China’s recent cap-and-trade policy announcement, Senator Jim Inhofe (R-Okla.), the head of the Senate Environment and Public Works Committee, said, "The Obama administration will use regulatory overreach to claim our nation’s commitment, while China’s pledge has no guarantee of enforcement.  This is a great deal for the Chinese who are slated to continue increasing emissions."

Republican presidential candidates have echoed these arguments.  At a recent debate, Donald Trump said China was "doing nothing" and Sen. Marco Rubio (R-Fla.) said China was "drilling a hole and digging anywhere in the world that they can get a hold of."

"This argument that the U.S. has the risk of taking action and others not following, it’s a false argument," said Howard.  "Action now does not mean we can’t negotiate in the future."

If anything, Howard said, the U.S. is the free-rider, enjoying the benefits of global emissions reductions, particularly in Europe.

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