Governments and companies tackle the climate crisis as damage intensifies

A global problem… From deadly European heat waves to flooding in Dubai, experts say that failure to address the climate crisis could sap trillions each year from global GDP. Estimates put the price tag of a fix at $8T/year — every year for the next 25 years — in an Earth-size effort that would include overhauling energy grids and creating net-zero fuels.

Government efforts… G20 countries including the US, China, India, and Germany are responsible for 80% of the world’s emissions. In the States, it’s estimated that 2022’s Inflation Reduction Act could lead to $121B in green spending and another $235B in industry-boosting tax credits. In Australia, officials have passed legislation that set a net-zero emissions target by 2050. And in the EU, a human-rights court just ruled that member nations must protect citizens from the climate crisis.

Corporate pledges… Mega techies including Google and Microsoft have pledged to be net-zero (or even net-negative) by 2030, and yesterday Apple said it had cut its emissions in half since 2015. Still, 40% of the world’s top 1K companies haven’t made a net-zero commitment. And of those that have, experts say, the #s sometimes don’t add up (think: fuzzy climate accounting, greenwashing). Still, many corporates have determined that going green can save them green. Plus, scientists and startups are trying innovative ideas, including shooting reflective particles 60K feet in the air to cool the atmosphere and dumping thousands of gallons of chemicals into the ocean to lower its acidity.