The missing economic risks in assessments of climate change impacts

Through an expert elicitation involving LSE, Columbia University, and PIK, we have developed a statement for policy-makers on missing risks of climate change. Often the discussion of the risks of climate change focuses on what we know: higher temperatures and sea-levels, biodiversity loss, deaths from heat waves. But scientists are reticent to discuss what we do not yet understand: die-off of the Amazon, loss of the ocean currents that warm Europe, mass migrations and their conflict consequences.

Our paper says that even though we cannot yet quantify these risks, we should be planning for them. Even if the worst scenarios are unlikely to happen, leaving them out of our discussions with policy-makers is the same as claiming that their risk is zero, which is not right either. Governments regularly plan for international security scenarios that only have a 1-in-10,000 chance of happening, and we should treat the worst risks of climate change the same way.

Our document on the missing risks of climate change will be presented at the U.N. General Assembly Climate Action Summit, and we hope it will heat things up!

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