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Environmental Damage Could Cost You a Fifth of Your Income Over the Next 25 Years
The world is already committed to warming that will undercut the global economy by 20 percent between now and 2050. That’s six times the price of limiting warming to 2 degrees Celsius.
“Such a focus on the near term limits the large uncertainties about diverging future emission trajectories, the resulting long-term climate response and the validity of applying historically observed climate–economic relations over long timescales during which socio-technical conditions may change considerably,” they argue. Over the long term, a continued warming climate will start to produce more events with no historical precedent, meaning there’s no way to project their economic impact. There are also a large number of climate events that aren’t considered at all, including heat waves, severe tropical storms, and sea level rise.
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