Cost of Mitigating Global Warming: $10/Person?

Last week's report by Working Group III of the Intergovernmental Panel on Climate Change (IPCC) claimed that the cost of stabilizing CO2 emissions would be .12% of the annual gross domestic product. On it's face, that doesn't sound like much, but what does it actually mean in terms of dollars and cents? Our friends at DeSmogBlog did some calculating. Writer Kevin Grandia offers the following figures:
GDP of the world economy: US$60 trillion

.12% of $60 trillion: $70 billion

Total population of the earth: 6.5 billion

Cost per person to significantly reduce heat-trapping gas worldwide: $10 a year

Cost of saving the planet from droughts, famine, mass flooding, species extinction and rising sea levels: priceless. ...

Here's the math: $60 trillion/.0012/6.5 billion = 10 (rounded figures)

Not bad, huh? Obviously, no government or entity will be sending out bills for $10 to every person on the planet, but that figure serves the very useful purpose of countering arguments that claim climate change mitigation would wreck developed economies. Given the economic damage that could occur from rising sea levels, more severe weather events, and crop failures, this seems like a genuine bargain. We're almost certain you have thoughts on this... ::DeSmogBlog
Image source: DeSmogBlog