MIT study shows monetary value of climate change policies

A study by MIT shows that climate change initiatives to improve air quality can save the nation billions.

Supporters of clean energy initiatives and actions taken toward reducing carbon emissions often reference the byproducts of cleaner air and healthier families to advocate their position. The argument is often made that the savings in healthcare costs will offset the high price tag attached to climate change policies. According to a recent study conducted by the Massachusetts Institute of Technology (MIT), the savings in healthcare costs is not only real but, in some cases, it covers the expenses of climate change policies more than ten times over.

“If cost-benefit analyses of climate policies don’t include the significant health benefits from healthier air, they dramatically underestimate the benefits of these policies,” said lead author of the study, Tammy Thompson, now at Colorado State University, in a statement.

The MIT researchers focused on three genres of commonly discussed climate policies: those surrounding the reduction of tailpipe emissions, cap-and-trade programs and the establishment of clean energy standards.

A national cap-and-trade program was estimated to cost approximately $14 billion. However, the health-related savings, which included reduced hospital trips because of asthma and heart-related problems and fewer sick days needed by employees – resulted in more than $140 billion in savings. The policies involving tailpipe emissions and clean energy standards showed mixed results however.

A proposed clean energy standard, assumed to include more renewable energy sources and reduce fossil fuel utilization, was found to cost the nation roughly $208 billion but only return about $247 billion in health-related savings. A transportation policy, projected to increase public transit options and promote biofuel-powered automobiles, would cost $1 trillion but healthcare savings would only cover 25 percent of the costs.

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