Cost of climate change: why saving our planet now is cheaper

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: Amidst record-breaking temperatures and undeniable climate impacts, Forbes discusses the economic feasibility and critical necessity of climate action, emphasizing that proactive measures are substantially cheaper than inaction 
• February 2024 marked the hottest February on record, underscoring the escalating climate crisis.

🔭 The context: The Stern Review's early estimates indicated that stabilizing greenhouse gases would cost far less than iinaction, which could be 5-20% of yearly GDP

🌍 Why it matters for the planet: With climate change's effects becoming more pronounced, particularly in regions like Southern Europe facing severe droughts, the imperative for affordable climate mitigation is clear 
• Despite this, global action remains hesitant, even as the economic and social arguments for addressing climate change grow stronger

⏭️ What's next: The article calls for urgent, decisive action against climate change, highlighting the affordability of necessary investments compared to the colossal costs of crises like the COVID pandemic • The need for government intervention and a shift towards sustainable market operations is emphasized as crucial for a healthier planet

📈 One stat: Early climate action costs are estimated at 1-3% of GDP, significantly less than the potential losses of 5-20% of GDP due to inaction

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