New paper points out the costs of climate change

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limate change may have many economic impacts, including loss of crops, changes in water supply, increased incidence of natural disaster, and spikes in health care costs related to infectious diseases and temperature-related illnesses. However, hard evidence about the effects of climate change on economic activity has been inconsistent.

A new paper published in Nature takes on the ambitious task of connecting micro- and macro-level estimates of climate costs. The study finds that climate change can be expected to reshape the global economy by reducing average global incomes roughly 23 percent by the year 2100. This study is important because it solves a problem that has existed in prior models of climate change effects on economics: discrepancies between macro- and micro-level observations. This study presents the first evidence that economic activity in all regions is coupled in some way to global climate. The study also sets up a new empirical paradigm for modelling economic loss in response to climate change.

Read the Ars Technica story - “Climate change could have a significant impact on our economy.”