Climate change will knock one-third off world economy, study shows

A truck is submerged in flood waters following flash floods at an inundated area in Garissa, Kenya, on May 8. Researchers at Harvard University and Northwestern University found previous estimates of climate change underestimated the macroeconomic damage of extreme weather, which not only hits productivity but also depletes capital.

When the macroeconomics of climate change first emerged as a subdiscipline, its practitioners tended to take scientific estimates of expected future warming and then model the effects on a country-by-country basis, focusing only on the productivity effects of rising temperatures. Moreover, they argue, the damage has already begun. Had there been no global warming since 1960, they reckon the world economy would be 37 per cent bigger than it is today. We do know that the global growth rate has been slowing, especially in Western countries. A recent article in London’slisted Canada at the top of the “breakdown nations” – former “model” economies – leading the world economy backward.

Most importantly for Canadian audiences, their model suggested the differences across countries won’t be as significant as previous models predicted. While warmer and middle-income countries are expected to suffer a little bit more, all countries are likely to be hit. After all, extreme weather doesn’t discriminate between rich and poor countries. Canada won’t get a pass.

Source: Energy Industry News (energyindustrynews.net)

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