Economic Effect of Climate Change
Top economists say the economic effects of climate change are just starting to be felt — and they're likely to start snowballing.
Wildfires, floods, and other natural disasters could harm the nation's financial backbone, damaging vital electronic payment systems, causing bank failures, and disrupting the economy in myriad unanticipated ways.
The Federal Reserve — arguably the most influential economic body in the world — held its first-ever climate change research conference on Friday, where economists sounded the alarm about the toll the U.S. economy could face.
Among the findings:
Global GDP per capita could fall 7% by 2100 in the absence of climate change mitigation effects, according to a paper presented by Hashem Pesaran, an economist at the University of Southern California.
If countries abide by the Paris Accord, that would bring that loss down to 1%, the paper said.
Extreme heat impacts the productivity of workers. For each degree the temperature rises above above a daily average temperature of 59°F, productivity declines by 1.7% — a figure that Sandra Batten, a senior research economist at the Bank of England, cited in research presented Friday.
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