Amid the actual economic repercussions from a disease outbreak (Cathay Pacific flags “significant” drop in H1 profit, capacity cuts due to coronavirus, Singapore downgrades 2020 economic forecast amid coronavirus outbreak, Japan manufacturers remain pessimistic as coronavirus fears grow, etc.), academics remind us that climate change might someday have a cataclysmic economic impact:
A shocking new study says extreme weather events caused by climate change could result in an economic recession “the likes of which we’ve never seen before.”
The research, published in Nature Energy, notes that financial markets are not taking into account the risks that catastrophic events such as floods, droughts and other extreme weather events will have on the economy.
“If the market doesn’t do a better job of accounting for climate, we could have a recession — the likes of which we’ve never seen before,” the study’s author, University of California, Davis accounting professor Paul Griffin, said in a statement.
Griffin added the amount of “unpriced risk” in the energy market is significant, noting this is what caused the Great Recession. “Right now, energy companies shoulder much of that risk. The market needs to better assess risk, and factor a risk of extreme weather into securities prices,” he explained.
You know the only way to avoid the economic impacts of climate change? Economic impacts–taxes and new economic incentives/subsidies/fees–that benefit climate change activists and governments.
Let’s just see how well humanity does after the current actual threat before we move onto ones that we make up.
(Coronovirus links via Instapundit.)