Global warming of more than 3°C this century may wipe 40% off the world’s economy, new analysis reveals

By Timothy Neal, Senior lecturer in Economics / Institute for Climate Risk and Response, UNSW Sydney

The damage climate change will inflict on the world’s economy is likely to have been massively underestimated, according to new research by my colleagues and I which accounts for the full global reach of extreme weather and its aftermath.

To date, projections of how climate change will affect global gross domestic product (GDP) have broadly suggested mild to moderate harm. This in part has led to a lack of urgency in national efforts to reduce greenhouse gas emissions.

However, these…

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