Time Is Running Out For Our Planet Part 2

2. Economy 

Without substantial and sustained global mitigation and regional adaptation efforts, climate change is expected to cause growing losses to American infrastructure and property and impede the rate of economic growth over this century. 
In the absence of significant global mitigation action and regional adaptation efforts, rising temperatures, sea level rise, and changes in extreme events are expected to increasingly disrupt and damage critical infrastructure and property, labor productivity, and the vitality of our communities. Regional economies and industries that depend on natural resources and favorable climate conditions, such as agriculture, tourism, and fisheries, are vulnerable to the growing impacts of climate change. Rising temperatures are projected to reduce the efficiency of power generation while increasing energy demands, resulting in higher electricity costs. The impacts of climate change beyond our borders are expected to increasingly affect our trade and economy, including import and export prices and U.S. businesses with overseas operations and supply chains. Some aspects of our economy may see slight near-term improvements in a modestly warmer world.

However, the continued warming that is projected to occur without substantial and sustained reductions in global greenhouse gas emissions is expected to cause substantial net damage to the U.S. economy throughout this century, especially in the absence of increased adaptation efforts. With continued growth in emissions at historic rates, annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century—more than the current gross domestic product (GDP) of many U.S. states.

3. Interconnected Impacts

Climate change affects the natural, built, and social systems we rely on individually and through their connections to one another. These interconnected systems are increasingly vulnerable to cascading impacts that are often difficult to predict, threatening essential services within and beyond the Nation’s borders.
Climate change presents added risks to interconnected systems that are already exposed to a range of stressors such as aging and deteriorating infrastructure, land-use changes, and population growth. Extreme weather and climate-related impacts on one system can result in increased risks or failures in other critical systems, including water resources, food production and distribution, energy and transportation, public health, international trade, and national security. The full extent of climate change risks to interconnected systems, many of which span regional and national boundaries, is often greater than the sum of risks to individual sectors. Failure to anticipate interconnected impacts can lead to missed opportunities for effectively managing the risks of climate change and can also lead to management responses that increase risks to other sectors and regions. Joint planning with stakeholders across sectors, regions, and jurisdictions can help identify critical risks arising from interaction among systems ahead of time.

4. Actions to Reduce Risks

Communities, governments, and businesses are working to reduce risks from and costs associated with climate change by taking action to lower greenhouse gas emissions and implement adaptation strategies. While mitigation and adaptation efforts have expanded substantially in the last four years, they do not yet approach the scale considered necessary to avoid substantial damages to the economy, environment, and human health over the coming decades.

Future risks from climate change depend primarily on decisions made today. The integration of climate risk into decision-making and the implementation of adaptation activities have significantly increased since the Third National Climate Assessment in 2014, including in areas of financial risk reporting, capital investment planning, development of engineering standards, military planning, and disaster risk management. Transformations in the energy sector—including the displacement of coal by natural gas and increased deployment of renewable energy—along with policy actions at the national, regional, state, and local levels are reducing greenhouse gas emissions in the United States. While these adaptation and mitigation measures can help reduce damages in a number of sectors, this assessment shows that more immediate and substantial global greenhouse gas emissions reductions, as well as regional adaptation efforts, would be needed to avoid the most severe consequences in the long term. Mitigation and adaptation actions also present opportunities for additional benefits that are often more immediate and localized, such as improving local air quality and economies through investments in infrastructure. Some benefits, such as restoring ecosystems and increasing community vitality, may be harder to quantify.