Economic Models Underplaying Climate Change Risks, Providing Excuse for Inaction: Critics
• Critics say economic models not fit to fully capture climate change impacts, provide alibi for policy inaction • Models conclude warming by 2100 will cause less harm than COVID-19, 2007-09 crisis - seen as implausible • Models rely on assumptions, functions that underplay economic impacts, ignore climate tipping points • Different models produce vastly different results on GDP losses, financial risks; hard to interpret • Some economists, policymakers say need broader approach involving climate science, energy, cities, nature