The physical shocks caused by climate breakdown will hit global economic growth by a third, according to a risk assessment by a network of central banks.
The rise in the estimated hit to the world’s economies as a result of the shocks from flooding, droughts, temperature rises, and mitigating and adapting to extreme weather was the result of new climate modelling published this year.
The Network for Greening the Financial System, a membership body of global banks and financial organisations, said in a report this week that the huge increase in the risk from physical shocks to the economy marked a considerable change in the overall severity of the damage caused.
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