Brief
Business leaders balk at paying for climate mitigation at New York Climate Week
Fortune notes that participants see adaptation as cheaper than costly mitigation, even as UNEP warns 1.5°C limits are nearly unreachable.
By Felo News Desk · Published
At Climate Week in New York, business leaders, investors and climate advocates expressed reluctance to fund climate mitigation, according to Fortune.
Fortune reported that the event featured numerous sessions on adaptation and resilience, while the pace of emissions reductions remained slow. The United Nations Environment Programme (UNEP) warned that staying within 1.5°C is “all but unavoidable,” yet participants argued that mitigation is too costly.
Fortune cited estimates that stranded oil and gas assets could total $1.4 trillion, and that a shift to sustainable food systems might cut global agricultural output value by $1.6 trillion by 2050, with $1.3 trillion of that loss tied to reduced livestock production.
The article referenced Nicholas Stern’s 2006 analysis, stating that the long‑term benefits of mitigation outweigh costs, but highlighted a gap between economic theory and financial incentives.
Key facts
- Business leaders at New York Climate Week said mitigation costs are prohibitive. (fortune.com)
- UNEP warned that limiting warming to 1.5°C is nearly impossible. (fortune.com)
- Stranded oil and gas assets are estimated at $1.4 trillion. (fortune.com)
- Transition to sustainable food systems could reduce agricultural output value by $1.6 trillion by 2050. (fortune.com)
Sources
- [1] fortune.com — originally reported as “The bill has come due. But no one wants to pay for climate mitigation”
