New research has found that the past few years have reversed a long-term decline in particulate air pollution. Levels of these superfine particles have risen 5% from 2016 to 2018. Researchers found that this increase was associated with 9,700 additional premature deaths, and that these deaths represent damages of $89 billion.

These particles are emitted by the use of fossil fuels including the burning of coal and natural gas, and the use of gasoline for transportation. The premature deaths show the serious human cost of even a brief delay in the clean energy transition. Mobilizing clean energy investment and facilitating the retirement of fossil-fuel power generation through a National Climate Bank will accelerate the transition and save lives.

One of the researchers stated:

“The health implications of this increase are significant,” notes Karen Clay, professor of economics and public policy at Carnegie Mellon University’s Heinz College, who led the study. “The number of deaths and the damages highlight the importance of air pollution as an important and timely policy issue.”

This type of pollution also raises equity concerns. The researchers in this study didn’t comment on the geographic regions or locations most affected by the increase in pollution, but others have previously noted that low-income communities and communities of color are most likely to be located near high-traffic areas or fossil-fueled power plants and to be affected by this type of pollution. Asthma, heart attacks, and other health impacts can result from exposure to air pollution.

The National Climate Bank would be empowered to take these environmental justice concerns into account in directing its investments. It would be able to prioritize investments in low-income and disadvantaged communities so that they can realize the combined benefits of cleaner air, new jobs, and economic growth.

For more on the findings on the effects of air pollution, see the study release. For more on how the National Climate Bank can invest across sectors to reduce emissions of greenhouse gases and air pollution, see CGC’s white paper.