Source: CNBC Luiz Filipe Castro | Moment | Getty Images

Source: CNBC
Luiz Filipe Castro | Moment | Getty Images

According to new research from Citigroup, the cost of doing nothing on climate change could be up to $44 trillion worldwide by the year 2060.

“What we’re trying to do is to take an objective view at the economics of this situation and actually look at what the costs of not acting are, if the scientists are right,” says Jason Channell, Global Head of Alternative Energy and Cleantech Reseach at Citigroup.

With the upcoming talks in Paris this December, research like this will hopefully add pressure on world governments to make strong commitments on climate- and to uphold those commitments. Though it will be expensive to act to prevent worsening climate change and to adapt to the effects that are already here, such preventative action will be much less expensive in the long run than doing nothing and paying for it later.

Read more about the report here. 

ACT continues to work on the economic case for preventative adaptation planning.  In Canada, much of this planning is being done by local governments; however, finding the necessary resources to pay for these projects can be difficult. To make such planning more accessible, ACT recently completed a report on ways local governments can fund and finance these projects. Check out this work here.