New Delhi, 1 April (IANS). A team of Australian researchers said on Tuesday that if the temperature rises by 4 degrees globally, then the world’s GDP may see a decline of about 40 percent by the year 2100. It has increased by 11 percent against the previous estimate.
According to new estimates from the University of New South Wales (UNSW) Institute for Climate Risk and Response (ICRR), research results support limiting global temperature to 1.7 degrees Celsius, which corresponds to acute deacation agreements such as Paris Agreement and is stronger than 2.7 degree Celsius under previous models.
Chief Researcher Dr. Timothy Neil said, “Economists have traditionally seen historical data comparing weather events to assess the cost of climate damage.”
He further said that he has failed to give an account that there is currently a disruption in the global supply chains to deal with economic tremors.
According to Dr. Neil, “The effect of hot weather in the coming time will also be seen on supply chains.”
He further stated that these disadvantages have not been taken into consideration, so the earlier economic models have unknowingly concluded that even serious climate change is not a major problem for the economy.
The local-only damage model has been used in economic forecasts that have shaped the climate policies of major powers and have played an important role in international agreements.
Dr. Neil said, “It is believed that some cold countries like Russia or Canada will benefit from climate change, but supply chain dependence means that no country is untouched by it.”
The study stated that however, work still remains to be done as their research has not included climate adaptation, such as human migration, which is politically and logically complicated and has not yet been fully made for it.
-IANS
ABS/
