Shocker: study finds global warming may be net beneficial for the global economy
This recent study (h/t to Jim Simpson) comes from Australia and was published in late 2019. It studies the impacts of global warming on the U.S. economy. What the authors have done is used one the climate models (the FUND model) to look ahead at the impacts warming would have on other economic sectors besides energy. Now that the โworst-case scenarioโ RCP8.5 model has been put out of favor by a recent paper, the 3.0ยฐC warming scenario they used is more in-line with the RCP6 and RCP 4.5 models that remain. The work replicates and improves upon earlier work done by Dr. Richard Tol in 2009 in The Economic Effects of Climate Change.
What they found is surprising; the overall economic impact of 3.0ยฐC global warming would be beneficial nor just for the United States, but the entire global economy.
