It looks to me like a wedge would cost about $3 trillion to $5 trillion in today's dollars (using a large wind turbine cost of $1500/KW as a baseline). Some would cost more (PV, for example) and some such as CSP might cost less.
Some costs are hard to quantify -- what is the economic impact of losing 16% of the world's crop land, completely reforesting the USA, converting ALL global agriculture to no-till or building and operating 10 Yucca Flats? Anyway, let's say a wedge costs $4 trillion on average.
That's $60 trillion, or one year's worth of the entire planet's GDP, for 15 wedges. That would be spent over 40 years, but the simple average of 1.5% of the planetary GDP per year doesn't tell the whole story. We really need to load it up at the front end, both to ensure we need our CO2 target and to build up the manufacturing infrastructure we don't yet have. Let's say we start at $6 trillion per year -- 10% of the planetary GDP and ramp down gradually from there.
Now added to that will be the cost of the climate-change driven migrations that will be ramping up over the next two decades, and the cost of replacing the fossil fuels we lose to Peak Oil. Romm doesn't count oil depletion into any of his scenarios, he
doesn't think it's that big a deal. He's wrong.
My sense is that the rising cost of oil as it depletes will drive up the cost of all industrial activity. How much is anyone's guess. Mine is that every 1% of depletion will increase industrial costs by 2%, given the panic premium and the costs of system breakdowns. So if oil depletes by 3% per year globally, we'll see industrial costs rise by 6% a year. I think we'll see decline rates higher than that, but l don't want to scare the horses, so 6% per year is enough. That means that over the 40-year lifespan of this undertaking, oil depletion could drive costs up by about 10 times. The fact that we're front-loading the activity helps, as we get more of it done before the loss of oil really screws us over. Instead of going up by a factor of 10 the costs might only rise by a factor of 4.
I can see this endeavour costing us 10% to 15% of our planetary GDP every year for the next 40 years. That's going to severely depress the parts of the economy that aren't involved in The Project (because the world doesn't turn a 15% profit margin overall), and that in turn will tend to increase the cost of The Project. And that's not counting in the costs of climate-change driven migrations or the loss of 16% of our farmland to fuel production.
I don't see any way that people would put up with such deliberate impoverishment even for a decade let alone 40 years. This seems to be the very worst kind of pie in the sky.
Any comments or criticisms?