Climate Change Poses Severe Economic Threat, Current Models Likely Underestimate Damage from Global Shocks

Scientists warn severe climate change now poses the greatest threat to humanity, with extreme weather expected to disrupt economies.
Most economic models predict only minor GDP impacts from climate change. Even with 3°C warming, models show hits of just 1-7% to GDP.
But these models likely underestimate damage, as they rely on past weather events that were regional, not global.
Multiple simultaneous crop failures are now more likely, which could cause food prices to surge unlike anything in history.
We need better economic modelling that incorporates global shocks like coordinated crop failures. Current models ignore too many variables.

theconversation.com

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Posted 10/3/2023, 7:05:37 PM