US Economy Wins From Green Exit, Unless the World Follows Suit
If the world collectively retreated from green policies, the global economy would shrink, Bloomberg Economics researchers write.
In addition to being the world’s second-largest polluter, the US is also a major oil and gas producer, providing power both domestically and to other countries.
Photographer: Luke Sharrett/BloombergSlashing green energy goals and doubling down on fossil fuels, the kinds of policies President Donald Trump has been pushing, would benefit the US economy in the long run — and hurt countries still betting on the green transition.
Economists from Bloomberg Economics looking at how climate change and the cost of curbing emissions will affect nations’ economies through 2050 found that by selling more fossil fuels and avoiding the expense of meeting green regulations, the US would see its GDP grow by about 1% more than it would have had it continued the clean energy transition. But assuming other countries plow forward with renewable energy, the world economy overall would shrink by 0.2% compared to the baseline scenario, according to the modeling.