From Medium: The Economics of Climate Change Explained

Increased coastal storms due to climate change are expected to cause significant economic damage.

"Climate change is well known for its destructive impacts — ranging from rising sea levels to more fierce natural disasters. There is increasing concern that some areas currently home to many people could become uninhabitable within only a few short decades. The world has come together in response, forming the Paris Agreement in an attempt to mitigate the effects of climate change.

As a result of this, a new field of ‘climate economics’ has emerged. The field has quickly gained prominence due to its importance, and Yale Professor William Nordhaus was awarded the 2018 Nobel Prize for his work in it. Let’s go over the basics.

The Impact Of Climate Change On The Economy

Many studies have attempted to estimate the damages of climate change on the economy (as measured by GDP)."

"The estimates range from a small, positive impact on GDP to a nearly 20% loss. Almost all studies show climate change as negatively impacting the economy (especially at temperatures exceeding 1.5 degrees Celsius). This shows that climate change is likely to have a significant negative effect on the economy that becomes worse as the temperature rises."

Read the Medium article 

#climate change economic impact #climatecatastrophe   #sea level rise  #1.5degrees  #economy

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