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Why any estimate of the cost of climate change will be flawed
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- ESG Insights
#ClimateEconomics: Rethinking #GDP Impact of Warming Key Takeaways:
- A 1°C increase in global warming could slash GDP by 12%.
- Historical data reveals higher damage costs than previous estimates.
- Over 3°C warming equates economic impact to a perpetual war.
Further Insights
Climate & Economy: Using volcanic eruptions and El Niño events, the study challenges earlier models on the economic fallout of global warming.
Economic Fallout: An additional 1°C of warming is predicted to result in a significant 12% drop in global GDP, unveiling the gravity of climate change's economic repercussions.
Long-term Data: The research utilized long-term economic growth data and annual average temperatures to model the future impacts of climate change.
Closing Thoughts: As we edge closer to surpassing the 1°C warming mark, the need for robust, actionable climate policies has never been more urgent. How can businesses lead in mitigating these risks?