Focused Read in 3-4 minutes
"The Price Tag Of Being
Young: Climate Change And Millennials' Economic Future
Excerpted key points:
This report quantifies the
cost of climate change to millennials and their children, compared to
a world without climate change.
The climate change costs are compared
to other significant economic burdens millennials will face over the
course of their lifetime, including student debt, child care,
stagnant wages, and the lack of good jobs.
➤ The key findings of this
analysis include:
A 21-year-old college
graduate in the class of 2015 earning a median income will lose over
$126,000 in lifetime income, and $187,000 in wealth.
Without action on climate
change, a 21-year-old earning a median income will lose $100,000 in
lifetime income, and $142,000 in wealth.
➤ For the children of
millennials, the losses from climate change will be drastically
greater.
A child born in 2015 with
median earnings will lose $357,000 in lifetime income and $581,000 in
wealth.
A child born in 2015 who
will graduate college will lose $467,000 in income over her lifetime,
and $764,000 in wealth.
Without action on climate
change, the millennial generation as a whole will lose nearly $8.8
trillion in lifetime income.
➤ The economic losses caused
by climate change are substantially greater than the damages of other
economic challenges.
Student debt costs the
median- earning college-educated individual approximately $113,000 in
lost wealth over a lifetime, due to reduced savings for retirement
and home ownership.
Losses from the Great
Recession cost the median-earning college-educated household
$112,000.
➤ We must act quickly to
address climate change because the impacts are occurring now faster
and stronger than predicted:
June 2016 was the 14th
straight month of record-breaking heat.
The 21st century has seen
15 of the 16 hottest years on record.
For the eighth consecutive
year, extreme weather has cost U.S. taxpayers over $10 billion.
Sea levels are rising and
in Miami, Norfolk, and other coastal cities, tidal flooding is
becoming the norm—even on days without storms.
Drier and longer droughts
are threatening our public health and crops.
We must transition to a
100 percent clean energy economy in order to avoid the devastating
economic impacts of climate change detailed in this report.
And we
must capitalize on the significant economic driver clean energy can
be for the U.S. economy.
➤ According to a recent study from ICF
International, transition to a clean energy economy will:
Create up to 2 million new
jobs
Boost our economy by $290
billion
Increase household
disposable income by $650
Save families $41 billion
on energy bills
AUTHORS:
NextGEN Climate: NextGen Climate is a San Francisco-based environmental advocacy organization.
Demos: Demos is a public policy organization working for an America where we all have an equal say in our democracy and an equal chance in our economy.
You
can read more here
( Courtesy of DEMOS )
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