Climate Change Could Cut World Economy by $23 Trillion in 2050, Insurance Giant Warns

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https://www.nytimes.com/2021/04/22/climate/climate-change-economy.html

Source: By Christopher Flavelle, The New York Times. 

Excerpt: Rising temperatures are likely to reduce global wealth significantly by 2050, as crop yields fall, disease spreads and rising seas consume coastal cities, a major insurance company warned Thursday, highlighting the consequences if the world fails to quickly slow the use of fossil fuels. The effects of climate change can be expected to shave 11 percent to 14 percent off global economic output by 2050 compared with growth levels without climate change, according to a report from Swiss Re, one of the world’s largest providers of insurance to other insurance companies. That amounts to as much as $23 trillion in reduced annual global economic output worldwide as a result of climate change. ...The findings could influence how the industry prices insurance and invests its mammoth portfolios....  

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