A team of economists found that the social cost of carbon, adjusted for improved methods, exceeds the U.S. government's figures, indicating greater long-term damage from greenhouse gas emissions.
Factors like evolving tools for measuring climate impacts on the economy and the escalating costs underscore the rising damage estimates from climate change, posing challenges for regulators and financial institutions.
Despite alarming data on the social cost of carbon, the financial industry seems indifferent, with banks moving away from climate goals, increasing lending to fossil fuel producers, and sustainable funds facing significant challenges.
The financial industry faces a prisoner's dilemma where short-term profit motives conflict with the long-term benefits of transitioning to cleaner energy, hindering efforts to address climate change effectively.
#social-cost-of-carbon #impact-on-economy #financial-industry #climate-change #greenhouse-gas-emissions
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