Sooner-than-expected climate impacts could cost the world trillions

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A report warns that we may have seriously underestimated the rate of warming, which could damage economic growth The impacts of climate change are occurring sooner than expected, but governments and businesses continue to underestimate the risks, which could add up to trillions of dollars in economic losses by 2050. A report by climate scientists and financial experts has warned that the world may have seriously underestimated the rate of warming and faces “planetary insolvency”, where global warming begins to severely damage both the environment and economic growth. Decision-makers typically focus on the middle-ground estimates of climate impacts. But they should be preparing for the worst-case scenarios instead, the report says, since impacts like short-term precipitation extremes in some regions are happening earlier than anticipated. “Governments need to agree on a plane
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