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Average Person Will Be 40% Poorer If World Warms By 4C, New Research Shows
Economic models have systematically underestimated how global heating will affect people's wealth, according to a new study that finds 4C warming will make the average person 40% poorer -- an almost four-fold increase on some estimates. The Guardian: The study by Australian scientists suggests avera...
Economic models have systematically underestimated how global heating will affect people's wealth, according to a new study that finds 4C warming will make the average person 40% poorer-- an almost four-fold increase on some estimates. Criticisms have mounted in recent years that a set of economic tools known as integrated assessment models (IAM) -- used to guide how much governments should invest in cutting greenhouse gas emissions -- have failed to capture major risks from climate change, particularly extreme weather events. The new study, in the journal Environmental Research Letters, took one of the most popular economic models and enhanced it with climate change forecasts to capture the impacts of extreme weather events across global supply chains.
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