worse than we thought – financial cost!

How much is climate change going to cost us? Estimates have varied greatly over the years, from the Stern Review’s worst-case scenario of around 20 percent of the global GDP, to economist William Nordhaus’s vastly smaller number.

A new study, however, suggests a much higher cost than many have estimated—largely, it turns out, because economists hadn’t been looking at the issue in sufficient detail.

The problem, argues a team of Princeton University researchers led by Francis Dennig, is that accounting for regional differences in discounting likely masks the effects of substantial within-region variation in income.

Pacific Standard, 8 Dec 2015