A 1C increase in global temperature leads to a 12% decline in world gross domestic product, researchers have found
The economic damage wrought by climate change is six times worse than previously thought, with global heating set to shrink wealth at a rate consistent with the level of financial losses of a continuing permanent war, research has found.
A 1C increase in global temperature leads to a 12% decline in world gross domestic product (GDP), the researchers found, a far higher estimate than that of previous analyses. The world has already warmed by more than 1C (1.8F) since pre-industrial times and many climate scientists predict a 3C (5.4F) rise will occur by the end of this century due to the ongoing burning of fossil fuels, a scenario that the new working paper, yet to be peer-reviewed, states will come with an enormous economic cost.
A 3C temperature increase will cause “precipitous declines in output, capital and consumption that exceed 50% by 2100” the paper states. This economic loss is so severe that it is “comparable to the economic damage caused by fighting a war domestically and permanently”, it adds.
Won’t someone think of the economy! /s
I mean, if it convinces people to actually do something about the climate? Yeah, let’s crow about it.
A lot of the remaining resistance to fighting against climate change is made based on a “it’s too expensive” or “companies would lose too much profit” argument. If we can tell them they’d lose more if they don’t help? They might do something.