Experts: Economists grossly underrate climate risks

Jun 11, 2018, 8:41 AM EDT
(Source: Photo
(Source: Photo

The experts from the Environmental Defense Fund and other agencies have warned that economic models prepared to estimate the costs of climate risks are flawed and grossly underrate the social and economic impacts of global warming.

The paper, published in “Review of Environmental Economics and Policy,” attributes the shortcomings in economic models to ignoring the possibility of “tipping points,” which can dramatically worsen economic and climate outcomes, notes EcoWatch.

The paper calls on the Intergovernmental Panel on Climate Change (IPCC) to tailor the economic models to better translate the physical impacts of climate crisis into monetary terms.