Climate change ‘to cost US millennials $8.8tn’

The devastating costs of climate change to millennials and future generations in the US have been outlined in a new study. NextGen Climate and Demos has released the report, which […]

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By Jonny Bairstow

The devastating costs of climate change to millennials and future generations in the US have been outlined in a new study.

NextGen Climate and Demos has released the report, which compared the climate cost to other significant economic burdens such as student debt, child care cost, slow job growth and stagnant wages.

It suggests climate change will directly result in a 21-year old college graduate of 2015 earning a median wage losing more than $126,000 (£95,030) in income and $187,000 (£141,050) in wealth over their lifetime.

It adds in total, millennials will lose nearly $8.8 trillion (£6.64tn) in lifetime income and their children are set to lose tens of trillions.

The money lost will make it more difficult for millennials and their children to buy homes, send their children to college and save for retirement, the report states.

Tom Steyer, NextGen Climate President, said. “Climate change may very well be the biggest threat ever faced over the lifetime of a single generation, impacting the incomes, wealth and livelihoods of millions of millennials. We have a moral responsibility to act so that our children are not crushed by the costs of climate change.”

The report does state that by immediately addressing the issue and transitioning to 100% clean energy by 2050, the US can avoid these costs by growing its economy, creating millions of jobs and increasing average prosperity.