Monday, November 23, 2015

Quote of the Week - “When the world heats up, economies around the globe will cool down.”

When the world heats up, economies around the globe will cool down.  That's according to a new study which predicts that rising temperatures due to climate change will wreak havoc on economic output.

"Our best estimate is that the global economy as a whole will be 23 percent smaller in 2100 than if we would avoid climate change entirely," said co-author of the study Solomon Hsiang, an associate professor of public policy at the University of California Berkeley.

The study looked at the relationship between temperature and economic activity in 166 countries over a 50 year period.  The findings indicate climate change will widen global inequality, perhaps dramatically, because warming is good for cold countries, which tend to be richer, and more harmful for hot countries, which tend to be poorer.  In the researchers' benchmark estimate, climate change will reduce average income in the poorest 40 percent of countries by 75 percent in 2100.

Read original article at Unmitigated Climate Change to Shrink Global Economy by Ben Gruber, Reuters/Climate Central, Nov 21, 2015

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