”Every 1 degree rise in global temperature will result in a 12% decline in GDP... the damage will be on par with that of war” - British newspaper

A new study has found that for every 1 degree Celsius rise in global temperature due to global warming, the world's gross domestic product (GDP) will decrease by 12%, causing damage on a par with that caused by war.
On the 17th (local time), the British newspaper The Guardian reported a recent study published by economists Adrian Bilal of Harvard University and Diego Kanzig of Northwestern University.
The report was based on a paper that predicts that if the use of fossil fuels causes the Earth's temperature to rise by 3 degrees by 2100, global production, capital, and consumption will plummet by more than 50%.
"This is comparable to the economic losses caused by continuous war within a single country," the paper said. The paper also found that if global warming had not occurred over the past 50 years, the average purchasing power of the population would be $1.2 billion by now.
The paper estimated that the economic losses from the climate crisis were 37% higher than the previous estimate, and predicted that such losses would soar in the future as the climate crisis accelerates.
This is about six times higher than the losses estimated by the US government and other governments. Previously, the US Environmental Protection Agency (EPA) estimated the economic cost of each ton of carbon emitted to be $190 (about 3
The previous study estimated the cost at $1,056. Adrian Bilal said, "The cost is simply based on individual countries.
"The calculation is not based on a single calculation, but on a more holistic perspective," he said, adding that it included the costs of damage from extreme heat, windstorms and floods, as well as reduced crop yields, lower worker productivity and reduced capital investment due to climate change.
"We took into consideration the impact of factors such as the small number of employees," he explained.