Environment

Ecowatch - A new report on the macroeconomic effects of climate change has estimated that these damages are as much as six times larger than previous estimates. According to the report, each 1 degree Celsius increase in global temperature can be linked to a 12% decline in global gross domestic product. The report, “The Macroeconomic Impact of Climate Change: Global vs. Local Temperature,” is a working paper by the National Bureau of Economic Research . It found that the “Social Cost of Carbon” could be around $1,056 per ton of carbon dioxide emissions. The findings are much higher than previous estimates; the Interagency Working Group estimated the cost to be about $51 per metric ton, while the U.S. Environmental Protection Agency  estimated $190 per metric ton of carbon emissions, E&E News reported. According to Statista projections, the amount of global carbon emissions for 2023 was about 37.55 billion metric tons.