Avoiding the worst economic impacts of climate change will require roughly $320 billion in national private sector investment annually through 2050, but the rewards would be significant, the Risky Business Project said in a report this week. “Investments in clean energy could yield on average up to $366 billion in savings per year from reductions in spending on fossil fuels,” according to the report.
The Risky Business Project is a 3-year-old initiative launched by former New York City Mayor Michael Bloomberg, former U.S. Treasury Secretary Hank Paulson, and business leader and philanthropist Tom Steyer, to publicize the risks associated with climate inaction. “Moving to clean energy will help mitigate the worst negative impacts of climate change and create enormous opportunity for American businesses. Now, more than ever, business must lead this transition for the sake of our climate, our country, and our economic security,” Steyer said in a release.
If the necessary investments are made, the report says, the country would gain more than 1 million new jobs by 2030. However, 270,000 jobs would be lost in the fossil fuel industry, mostly in Southern and Mountain states.