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New Delhi: It is not difficult to understand that global warming has changed the way we live.
In New Delhi, the capital of India, This summer is too hot – Even at night the temperature was over 40 degrees Celsius – people were gasping for breath, tap water was scalding and the walls of their homes radiated heat like radiators.
Saudi Arabian authorities said 1,300 pilgrims have died During this year’s Hajj, players at the European Football Championship collapsed from exhaustion.
Counting the costs of climate change
Yet economists — who are apparently able to keep their heads down when everyone else is losing theirs — are in the midst of a new debate about the true costs of climate change. A new working paper by two scholars from Harvard and Northwestern University, published by the National Bureau of Economic Research, suggests that the macroeconomic damage from climate change could be six times greater than previously estimated.
Their model predicts that each degree of increase in average global temperature “leads to a gradual decline in world GDP, peaking at 12% after six years and not fully returning to the mean even 10 years after the shock.”
This, they note, makes unilateral climate action worthwhile for countries like the United States; an argument that surely also applies to poorer but more vulnerable countries like India. Could a few more countries be added here?
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