Climate breakdown will hit global growth by a third, say central banks

The Network for Greening the Financial System reported that climate breakdown could lower global economic growth by a third, due to escalating physical shocks from extreme weather.

This year's revised modelling indicates a significant increase in the estimated economic risks posed by climate change, particularly from events like flooding and drought.

Sandy Trust criticized the central banks' report for underestimating the true impacts of climate breakdown, stating it disregarded critical factors like tipping points and health impacts.

The devastating recent floods in Valencia highlighted the immediate economic cost of climate events, with damages exceeding $10 billion, showcasing the urgent need for robust climate strategies.

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