Global Warming Will Make The Average Person 40% Poorer, Study Warns
A new study by Australian scientists has revealed that the impact of global warming on wealth has been significantly underestimated. According to the research if global temperatures rise by 4 degrees Celsius, the average person's wealth could decrease by as much as 40%, which is almost four times higher than previous estimates.
The study also forecasts a 16% reduction in global GDP per person if temperatures increase by just 2 degrees Celsius, much higher than earlier predictions that suggested a 1.4% drop. Analysis corrects an oversight in current economic model underpinning global climate policy, toppling previous carbon benchmarks.
Even if countries meet both near-term and long-term climate targets, the study suggests that global temperatures will still rise by 2.1 degrees Celsius...