A new study from the University of South Wales reveals that the economic impacts of climate change are far more severe than earlier estimates suggested. With 4°C warming, individuals may see a 40% drop in income by 2100, with the UK facing an estimated 46.5% reduction. Even a 2°C rise threatens a 16% GDP decline globally, up from previous forecasts of just 1.4%. The study emphasizes the interconnectedness of global economies and the necessity of considering global weather impacts in economic models for accurate climate assessments.
"Because these damages haven't been taken into account, prior economic models have inadvertently concluded that even severe climate change wasn't a big problem for the economy - and it's had profound implications for climate policy."
"It is commonplace for the goods and services that people buy at the supermarket or department store to be sourced from all over the world, and goods from multiple countries might have been used to make a single manufactured product that ends up in a store."
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