Explainer: Climate change: what are the economic stakes?

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As world leaders prepare to meet in Glasgow to discuss their response to climate change, an annual climate risk index showed more powerful storms are battering people and economies harder, with the poor suffering the worst losses. More on COP26

The stakes for the planet are huge - among them the impact on economic livelihoods the world over and the future stability of the global financial system.1) HOW MUCH DOES CLIMATE CHANGE COST? From floods and fires to conflict and migration: economic models struggle with the many possible knock-on effects from global warming. The ballpark IMF estimate is that unchecked warming would shave 7% off world output by 2100.

4) HOW MUCH WILL IT COST TO FIX IT? Advocates of early action say the sooner you start the better. The widely used NiGEM macroeconomic forecast model even suggests an early start would offer small net gains for output thanks to the big investments needed in green infrastructure. The same model warns of output losses of up to 3% in last-minute transition scenarios.

6) WHAT SHOULD CARBON REALLY COST? Tax or permit schemes that try to price in the damage done by emissions create incentives to go green. But so far only a fifth of global carbon emissions are covered by such programmes, pricing carbon on average at a mere $3 a tonne. That's well below the $75/tonne the IMF says is needed to cap global warming at well below 2°C. The Reuters poll of economists recommended $100/tonne.

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