Economics

Summary

A report by the Institute and Faculty of Actuaries (IFoA) and the University of Exeter warns that climate change could slash global GDP by 50% between 2070 and 2090 due to catastrophic events like fires, floods, and ecosystem collapse.

The study criticizes current economic models for underestimating risks such as tipping points and societal instability.

It calls for immediate action to decarbonize, restore nature, and adopt a "planetary solvency" approach to policymaking.

Without intervention, global heating could lead to billions of deaths, failed states, and long-term economic devastation.