As temperature rises, GDP falls

Recent climate change-related natural disasters and extreme weather conditions have taken a toll on economies worldwide, displaying the impacts of climate change. The estimates of macroeconomic damages from climate change vary significantly, depending on the vulnerability of different economies and regions, the resilience of key socioeconomic systems like infrastructure, and climate action. Previously, scientific evidence established that a 1°C rise in global temperature causes up to a three per cent GDP loss to the global economy. However, the latest evidence, according to the report by the National Bureau of Economic Research (NBER), claims that a 1°C increase will result in a peak loss of 12pc to global GDP.