Loss of Coral Reefs Could Cost $1T
This is a perfect example of how the economics of climate change and energy are totally messed up.<p>These kinds of problems are not factored into the economics of energy so coal and oil will remain economically viable without getting any kind of penalty.<p>Governments will attempt to tackle these issues (too late most likely) and it will be largely public funds that go towards restoration but oil and gas and coal companies will pocket all the profits and contribute little to the repercussions.<p>If we factored in the total costs of our energy sources renewable would be even more attractive. Given the fact that the energy companies have known about climate change for decades [1], at what point is it expected that they use some of the incredible profits made at the planets expense to mitigate those costs? It is adding insult to injury that these companies are able to avoid a lot of taxes [2] that would at least contribute to public funds being used to combat climate change. That isn't even counting the millions (billions?) that have been spent on misinformation.<p>[1] <a href="https://www.scientificamerican.com/article/exxon-knew-about-climate-change-almost-40-years-ago/" rel="nofollow">https://www.scientificamerican.com/article/exxon-knew-about-...</a>
[2] <a href="https://www.usatoday.com/story/money/markets/2016/03/07/27-giant-profitable-companies-paid-no-taxes/81399094/" rel="nofollow">https://www.usatoday.com/story/money/markets/2016/03/07/27-g...</a>