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The big new federal report on the effects of climate change released on Black Friday explores how global warming could eventually increase U.S. power costs by tens of billions of dollars annually.

Expand chart
Data: Hsiang et al. 2017; Map: Harry Stevens/Axios

Why it matters: The energy chapter of the 1,656-page report lays out a suite of ways that higher temperatures and extreme weather affect power and fuel infrastructure and availability — and the financial toll.

Threat level: On power bills specifically, even though buildings and appliances are getting more efficient, higher temperatures will generally come with higher electricity costs. Why?

  • There will be higher power demand (in part for more cooling in a hotter world), combined with higher temperatures reducing the efficiency of power generation and delivery.
  • And there's the need to build new generation capacity to meet higher demand, with billions in costs ultimately passed along to homes and businesses.

By the numbers: By 2040, nationwide residential and commercial power expenditures are projected to rise by as much as 18% if carbon dioxide keeps piling up in the atmosphere unchecked (with lower projections if emissions are cut significantly).

  • "By the end of the century, an increase in average annual energy expenditures from increased energy demand under the higher scenario is estimated at $32–$87 billion," the report states.

The big picture: Higher energy costs are one of many potential outcomes in a warming world. More broadly, the report warns of "hundreds of billions of dollars" in annual losses to some economic sectors without scaled up actions to adapt to current changes and slash emissions to avoid future warming.

Go deeper:

Go deeper

Erica Pandey, author of @Work
2 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
3 hours ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.

You’ve caught up. Now what?

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