Blog: Global economy more vulnerable to warming than previously thought
A new study finds warming could inflict far more damage to the global economy than previously assumed. Typically, to understand how future droughts, heat waves, storms, and floods will impact the global economy, experts look at the cost of extreme weather in the past. Using that data, they build models showing that warming will lead to trillions of dollars in losses in the decades to come. But this method is actually too optimistic, Australian scientists say, because it looks only at the local impact of extreme weather. By rattling supply chains, future storms and heat waves will also send ripples throughout the global economy, inflicting costs far higher than models currently show.
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