A study conducted by researchers from the Potsdam Institute for Climate Impact Research suggests that regardless of future emission choices, the world economy is on track to experience a significant income reduction of approximately 19% within the next 26 years representing annual damages in the range of 19 to 59 trillion US dollars.
In the alternative, the paper Global warming, a global energy resource advises, at scale 31,000 1-gigawatt (GW) (31 TW) Thermodynamic Geoengineering (TG) plants would cost $2.1 trillion per year compared for example to the cost of world oil consumption that in 2019 was $2.3 trillion for 11.6 TW. The cost of the energy generated is estimated at $0.008/KWh.
As of 04/15/2024, the spot price of Brent Crude oil is 90.38 USD, and a barrel of oil (BOE) to electricity is 1700kWh so, the cost of oil consumption is about $2.9 trillion/year. But oil's share of total annual energy consumption is only about 33% so the prorated total cost is $8.7 trillion, for 57% of the 31 terawatts of energy that can be provided by TG. So, TG electricity is a least 7 times cheaper than an equivalent amount of energy produced by oil. Not including the $7 trillion the IMF says is the environmental cost of doing business burning fossil fuels.
Since TG would eliminate these damages, beyond its saving on the cost of fossil fuels it would benefit your grandchildren to the tune of between 25.6 to 65.6 trillion universal dollars a year.
As a thought experiment the writer asked ChatGPT its popular, populist, progressive, and fossil fuel industry impressions on global warming as outlined below.
The overall impressions of ChatGPT were:
- A popular solution to global warming would be comprehensive, inclusive, and ambitious, reflecting the collective efforts of governments, businesses, communities, and individuals to tackle one of the greatest challenges of our time.
- A populist solution to global warming would likely prioritize the interests of ordinary citizens, promote job creation and economic opportunities, and emphasize community-based action and environmental justice.
- A progressive solution to global warming involves ambitious policies and initiatives aimed at transforming energy systems, promoting environmental justice, and fostering international cooperation to mitigate climate change while addressing social and economic inequalities.
- The fossil fuel industry's approach to addressing global warming tends to prioritize maintaining its dominance in the energy market, protecting its interests, and minimizing the disruption to its core business operations, often through technological innovation, public relations efforts, political influence, and diversification strategies.
Oil prices have reached their highest level since 2008 and energy costs in general have a ripple effect, influencing transportation, manufacturing, and consumer goods prices. This inflationary pressure is straining household budgets contributing to economic instability and political unrest. Greater government scrutiny over its energy and climate policies and economic management during tough times may be the catalyst necessary to bring about a recognition of the economic benefits of TG that in turn can turn the tide on climate change.
Your grandchildren certainly hope so and urge you to consider who is working in their interest the next time you go into a polling station.