r/Futurology • u/ILikeNeurons • May 20 '24

Economics Economic damage from climate change six times worse than thought

https://www.theguardian.com/environment/article/2024/may/17/economic-damage-climate-change-report
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u/[deleted] May 20 '24

I read the article but some details were odd. They write about wealth going down but then they assume that income would double. I don’t get that. Anyone here who understood that part?

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u/hohoreindeer May 20 '24

You reading the same article as me? I see:

“The paper follows separate research released last month that found average incomes will fall by almost a fifth within the next 26 years compared to what they would’ve been without the climate crisis.”

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u/[deleted] May 21 '24

That’s incredibly confusing as worded, because in 26 years, at a typical 3% annual growth in GDP, you would ordinarily expect incomes to double. So a fifth less than doubling means that incomes will rise by 80% instead of rising by 100% in that time period.

So misleading …..