There's a literal cost to climate change — and according to a new analysis, it's somewhere between $500,000 and $1 million per person.
What's the report?
Consumer Reports commissioned the research from ICF, a global climate consultancy, to analyze approximately how much the changing climate will cost the average child born in 2024.
According to CR, the study found that "if humanity does not act swiftly to limit it, climate change will cost a typical child born in 2024 at least around $500,000 over the course of their lifetime—and possibly as much as $1 million—through a combination of cost-of-living increases and reduced earnings."
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To conduct the analysis, ICF created two possible scenarios. One was labeled as "high emissions," in which the rate of pollution remains on its current trajectory. The other was "low emissions," which instead projects a gradual decline in pollution by the end of the century due to mitigation efforts.
But in both scenarios, ICF is confident that they've underestimated, not overestimated, the price of the changing climate — which means that regardless, children born today will face a lifetime cost of at least half a million dollars through a combination of increased expenses and decreased income.
Why is this estimate concerning?
The report highlights how these costs will affect nearly every facet of life, from housing to energy, food, tax rates, investments, and more.
"It's common to think of climate change as just an environmental problem, but it's important to look at the impact it will have on people," said CR analyst Chris Harto.
According to the report, the largest increase in costs will be in housing. Higher insurance premiums and increased maintenance expenses — particularly from dealing with more ferocious weather — will leave homeowners spending at least $125,000 more per year.
Analysts also predicted that taxes will rise significantly in both the high and low pollution scenarios. Much of these increases — which they project to rise by 15% over the course of a lifetime — will be due to overburdened healthcare systems, damaged infrastructure, and more.
What's being done to achieve the low pollution scenario?
Fortunately, it isn't all bad news. Projections for the "lower emissions" outcome show that many people stand to gain money if they invest in innovative climate mitigation companies.
And whether it's taking action with your ballot, with your consumer choices, or with your yard, there are multiple ways to help bring "lower emissions" to life.
"What this study shows," Harto said, "is that those impacts can be quite significant. The good news is that these costs are not baked in. We still have time to act and reduce the human costs of climate change."
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