We are delighted to see that President Obama is finally focusing on the economic cost of delaying meaningful steps to mitigate climate change. In July, the White House Council of Economic Advisors (CEA) issued a report that emphasizes the enormous economic incentive for expediting climate change mitigation activities.  

According to the report, for each degree of increased temperature that occurs as a result of delaying effective mitigation action (e.g., temperatures increase by 3 degrees
Celsius vs 2 degrees Celsius) we will bear annual incremental costs estimated at 0.9% of global output. To put this in perspective, the authors warn us that 0.9% of U.S. output in 2014 is estimated to be approximately $150B. In addition, the report continues, research suggests that net mitigation costs will increase by 40% for each decade of delay in taking effective mitigation action.  

The authors of the CEA report liken taking action now to taking out insurance. We'll pay less today to insure against the possibility of incurring larger costs in the future. Most of us make that choice both personally and professionally, but it continues to be a hard sell politically, especially when it comes to climate change.