Apocalypse not. Oren Cass puts the estimates of cost of projected global warming into perspective: “The DICE model, which estimates the highest cost in percentage terms, provides a concrete illustration. It estimates that, without climate change, global GDP would grow from $76 trillion in 2015 to $510 trillion in 2100. With climate change of 3.8°C, it estimates that global GDP in 2100 would instead total $490 trillion—a $20 trillion cost but one that still leaves the world 6.5 times wealthier than today. Nor does that $20 trillion impact strike suddenly. Rather, as temperatures increase and impacts worsen, costs rise as well. Economic growth each year is slightly lower than it would otherwise have been but never is reduced by more than one-tenth of one percentage point. And economic growth continues despite the climate change: the climate-change-impacted world of 2105 is already wealthier than the no-climate-change world of 2100. This, again, is the highest-cost estimate of those considered by the Obama administration.”
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