Jane Fonda on the Climate Voters for Harris-Walz Zoom call just said:
Transitioning off fossil fuels will cost the U.S. USD$38T by 2050.
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My Opinion:
It certainly would have been much much less had we started from the very first Earth Day! Extinction is forever. Better late than never!
ChatGPT:
The cost of transitioning the U.S. off fossil fuels by 2050 is highly debated and depends on several factors, including the pace of the transition, technological advancements, and policy choices. Estimates vary widely:
1. **Princeton University Study (2020)**: Estimates the cost of transitioning the U.S. energy system to net-zero emissions by 2050 at about $9.4 trillion. This includes investments in renewable energy, infrastructure, and technology.
2. **McKinsey & Company Report (2021)**: Estimates a $4.5 trillion investment is needed by 2030 for the U.S. to be on track to reach net-zero by 2050. This includes spending on clean energy, grid infrastructure, and energy efficiency.
3. **Goldman Sachs (2020)**: Estimates that decarbonizing the U.S. economy could require around $16 trillion by 2050, considering investments in renewable energy, electric vehicles, and related infrastructure.
4. **The U.S. Energy Information Administration (EIA)**: Suggests that the costs could be lower if technological advancements continue to drive down the price of renewable energy and storage solutions.
It's important to note that these costs are offset by potential savings from reduced healthcare costs due to improved air quality, job creation in renewable energy sectors, and the avoidance of costs associated with climate change impacts.
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