Claim: Climate Change will Cost Germany $960 Billion by 2050

Essay by Eric Worrall

But Climate ACTION is reportedly costing Germany €1.5 billion per DAY – €440 billion between February and December last year.

Climate change to cost Germany up to $960bn by 2050, study finds

Report released during discussion on how Berlin could cut greenhouse gas emissions in challenging sectors like transportation.

6 Mar 2023

Climate change could cost Germany up to 900 billion euros ($960bn) in cumulative economic damage by mid-century, a new study shows, as Europe’s biggest economy searches for ways to cut that bill.

The analysis by the economic research company Prognos, the Institute for Economic Structures Research and the Institute for Ecological Economic Research was released on Monday as Berlin works on a climate adaptation strategy soon to be presented by the environment ministry.

Germany’s economy and environment ministries cited the study as showing that extreme heat, drought and floods could cost from 280 billion euros ($300bn) to 900 billion euros between 2022 and 2050, depending on the extent of global warming.

Climate change and extreme weather have already cost Germany at least 145 billion euros ($155bn) from 2000 to 2021, 80 billion euros ($85bn) of which were in the past five years alone, including the 2021 floods in the states of Rhineland-Palatinate and North Rhine-Westphalia, the economy ministry said.

Read more:

The claim that Germany is haemorrhaging money because of their green energy push;

Germany’s half-a-trillion dollar energy bazooka may not be enough

Story by By Christoph Steitz

FRANKFURT (Reuters) – Germany is bleeding cash to keep the lights on. Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago.

And it may not be enough.

“The national economy as a whole is facing a huge loss of wealth.”

The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany’s drives aimed at avoiding running out of power and securing new sources of energy.

That equates to about 1.5 billion euros a day since Russia invaded Ukraine on Feb. 24. Or around 12% of national economic output. Or about 5,400 euros for each person in Germany.

Germany wants renewables to account for at least 80% of electricity production by 2030, up from 42% in 2021. At recent rates of expansion, though, that remains a remote goal.

Read more:

I can’t find a link to the Prognos study which claims $960 billion by 2050, please post the link in comments if you find it.

Even if you accept the premises of the claim of $960 loss by 2050, this is still proof that climate adaption is far cheaper than emissions reduction. The annual cost of the Energiewende failure, the cost of emergency subsidies alone, far outweighs the annual cost of running a few more air conditioners. Even a green should be able to do this math – $960 billion loss due to climate change by 2050 is a lot more manageable than €1.5 billion per day of additional government debt, because of failed green attempts to change the weather.

If Germany had maintained their coal plants, or built more nuclear, they wouldn’t be stuck with a green energy system which doesn’t work, a failed energy policy which has forced the German government to haemorrhage cash to keep the lights on.

Simple economics dictates that Germany should ditch their failed green ideas, and accept the $960 billion loss by 2050, if it actually occurs.

via Watts Up With That?

March 9, 2023 at 12:21AM

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