Only a Global Green New Deal Will Work
It will cost the nations of the world roughly $73 trillion to transition to completely renewable energy by 2050, according to a report from Stanford University. The expense will pay for itself in under 7 years. The shift to a zero-carbon global economy will also create 28.6 million more full-time jobs than if nations continued their use of fossil fuels at current levels. After the payback period trillions of dollars will be saved annually.
Only about 10% of the $73 trillion will be required to transition the United States. So that leaves a lot of money that needs to be spent outside the U.S., much of it in poor, developing nations. These nations don’t have the resources to make those investments themselves, but they are critical to stopping global warming.
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