A pair of researchers has published a new paper claiming that global warming is astronomically more dangerous than we've thought until now. Their thesis is simple: historical evidence shows a very strong correlation between average global temps and extreme weather events, and those extreme weather events are very costly.
Interestingly, they do something I haven't seen before. Instead of just projecting what will happen in the future, they go backward and look at the past:
Our results also indicate that world GDP per capita would be 37% higher today had no warming occurred between 1960 and 2019 instead of the 0.75°C observed increase in global mean temperature.
World GDP is currently around $100 trillion, so the authors are saying that it would be $37 trillion higher in the absence of climate change. This is presumably the price we're paying for more extreme weather events.
I'm having some trouble with this. Even if you just add up all the weather events in a year and attribute every single one of them to climate change, does anyone think they currently cost us $37 trillion?
Let's take a look around. Insurance broker Gallagher Re estimates that the total cost of all weather disasters was $360 billion in 2022 and $301 billion in 2023. The European Environmental Agency estimates about $50 billion for Europe in 2022. The World Meteorological Association estimates roughly $200 billion in 2019 and $4.3 trillion over the past 50 years.
That's enough to give us a pretty good idea of the shape of things. If extreme weather events cause around $200-300 billion in direct damages and, let's say, half of that is due to climate change, they would need to account for 100-200 times as much in indirect economic impact to hit $37 trillion in lost GDP.
So I dunno. Maybe I'm missing some crucial point. But these numbers don't seem very plausible.