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From rising inflation to soaring prices for home and flood insurance to the cost of recovery after unprecedented storms, wildfires, and flooding, climate change creates a huge financial burden for Americans.
International weather events impact raw materials supply, which in turn raises Hawaii prices. The Ukrainian war exacerbates global oil prices along with gas and electricity prices in Hawaii. Extreme weather from CO2 emissions warming our planet played a role in the growth of 2021 inflation.
Gasoline prices hovered near record levels last week in Hawaii. The average price of regular unleaded gasoline was $5.24. In 2021, most Hawaii prices increased: 32.6% for energy; 25.0% for electricity; and 5.2% for all items — less food and energy. If that wasn’t enough, the cost of rebuilding from climate-related storms, floods, and wildfires is skyrocketing.
The increase of Hawaii’s extreme rainstorms has brought more flash floods destroying homes, bridges, dams and causing mass evacuations. Climate scientists say they are occurring more frequently as the planet warms. On Kauai, Hurricane Lane in 2018 brought 49.69 inches of rainfall in 24 hours, breaking the U.S. rainfall record. Flash flooding and landslides covered roads, damaging or destroying 532 houses, and costing over $125 million.
By 2100, with high emissions, sea level could rise 8.2 feet above 2000 levels. With much reduced emissions, it is projected to rise 1-2 feet. Currently, Hawaii expects to spend over $6 billion in sea level rise mitigation, to improve ports and canals, dredge and restore wetlands. Flood-submerged land endangers water, sewage, electrical infrastructure, marine ecosystems and coral reefs.
Moreover, Hawaii wildfires have increased for many years, harming environments from mountains to ocean depths. Fires remove vegetation, and with heavy rainfall, exposed soil gets carried downstream, causing erosion and damage to marine ecosystems and coral reefs.
How much are we willing to let climate change affect our quality of life? Climate catastrophes will soon outpace our ability to recover and adapt, and the financial costs will keep rising.
Air pollution from fossil fuels is linked to millions of deaths globally, yet polluting industries get a free pass to emit heat-trapping gasses, leading to yet more warming, extreme weather and disasters already harming us. This market failure means the true cost of carbon gets paid elsewhere. Frontline communities vulnerable to climate change impacts are burdened with soaring homeowner and flood insurance in places once deemed low risk.
Encouragingly, a new report from Stanford University demonstrates that transitioning from unpredictable fossil fuels to cleaner renewables would reduce per capita household annual energy costs by around 63%. It would create millions of new jobs and save lives by reducing pollution.
The World Bank believes the problem in the U.S. and globally is not carbon pricing, but a lack of it. They cite a large UN study that finds carbon prices can meet the Paris agreement to keep global temperatures below 2°C. The IMF proposes that an international carbon price floor agreement between the largest emitters — Canada, China, European Union, India, United Kingdom and United States, could achieve a 23% reduction in global emissions below baseline by 2030.
With clean energy and electric vehicles destined to become cheaper and more popular, demand for fossil fuels will lessen. A federal carbon fee levied on polluting industries would speed up this essential transition and let the market determine which clean technologies emerge. Monies from the fee could be returned as a “carbon cashback” check to American households, providing invaluable monthly support.
With Congress considering our energy future, Citizens’ Climate Lobby Hawaii urges U.S. Sens. Brian Schatz and Mazie Hirono to support carbon pricing with cashback for households.
Carol Cam is a volunteer with the Maui chapter of Citizens’ Climate Lobby; Madeleine Para is executive director of Citizens’ Climate Lobby.
