Economics Editor ~ Habits cost nothingJuly 7, 2007 at 11:24 am | Posted in BBC, Economics, Live Earth, London, Wembley | Leave a comment
The BBC Economics Editor, interviewed between acts at Live Earth Wembley, made a smart comment about the economics of dealing with climate change. He began by summarising the Stern Report as simply being like an insurance policy for the nation: spend 1% of GDP now, to save costs of 20% down the road. However, he pointed out that there are many ways to do the numbers—some economists figure less, others more, in terms of costs now and later—but the point is we can think of spending on climate change as insurance against future damage, not by paying out money when damage occurs, but by mitigating, or minimising the damage and its likelihood. We can also think about spending on climate change as an investment in technology to help us maintain our lifestyles by enabling us to do the same things more energy efficiently. Both approaches make it easier for individuals to support actions taken to combat climate change.
For those who do not want to combat climate change, he emphasised that:
Habits cost nothing
and once you are in the habit of recycling, it not only costs nothing, but you can actually save money.
So, you do not need to know all about the science of climate change to get started on recycling. You just need to be interested in your wallet!