"In terms of the magnitude, that's six times larger than previous estimates," remarked Bilal, highlighting that the economic impact of climate change projections is becoming increasingly dire.
Känzig noted that estimating the economic fallout of climate change is difficult because the economy is always growing and emissions contribute to temperature change.
The new analysis predicts a 12 percent hit to global GDP for every additional 1°C rise, with losses peaking six years after the temperature increase.
Bilal and Känzig's research challenges previous economic models by incorporating the complexities of climate impacts on productivity and emphasizing the dire need for revision.
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