How we calculated the costs of climate inaction

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1. Electricity costs: Percentage changes in electricity expenditure were taken directly from the Hsiang et al. 2017 study, which used a version of the National Energy Modeling System (NEMS) to model future energy costs. Changes in costs were estimated using state-level average monthly electricity bills for commercial and residential customers and Hsiang et al. 2017 fractional cost increases for the 20-year time period 2020-2039. To learn more about NEMS or the Hsiang et al. 2017 assumptions and methodology, see their article and supplementary materials. “Determining net revenue changes was beyond the scope of this analysis since we were unable to factor in future commodity prices and trade projections.” Note: All damage estimates assume a Representative Concentration Pathway (RCP) of 8.5, or a “high emissions” scenario, and depict average annual changes from a 2012 baseline over the period 2020-2040. Additionally, significant figures throughout are revised to reflect the degree of uncertainty inherent in the analysis.

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