Amidst the persistent climate crisis looming as a global menace, leading economists engage in a discourse regarding its implications for the U.S. economy.
Mark Zandi, the chief economist at Moody’s Analytics, emphasizes the looming prominence of “physical risks” as the primary economic burden over the coming 10 to 20 years.
These risks entail the damages inflicted by natural calamities, which are becoming more frequent. Zandi further predicts that the transition costs associated with shifting from a fossil fuel-centric economy to one propelled by green energy will exert significant strain on the U.S. economy.
Jeffrey Sachs, an esteemed economics professor at Columbia University, directs his attention toward the feasibility of a worldwide transition to clean energy within the next 25 years.
“How can the whole world get a clean energy system?” Sachs ponders. He also voiced that if the U.S. does it and the others don’t do it, overlook it. Then It doesn’t stop the world crisis.”
However, Robert Reich, former U.S. Secretary of Labor, expresses concern over the financial constraints hindering many countries’ abilities to invest in a transition to green energy. “It’s the poorest countries that are having the most difficulty adjusting,” Reich asserts.
Nouriel Roubini, a well-known economics and international business professor at New York University, predicts that there will be increasing pressure from stakeholders and society in general to speed up the transition to green initiatives.
A professor of University College London, Mariana Mazzucato said “We need to bring communities, workers, public and private institutions together to create value in a more collective, better way that’s purpose-oriented.”
