Central banks: Climate change 25% GDP shock by 2100

Here it is from Network for Greening the Financial System (NGFS), that is, global central banks including the RBA:

This modeling is next to useless of course. The RBA can’t even model local inflation in a tiny economy. But intuitively it is about right.

We are on track for the disorderly scenario of 3 degrees warming or more and that will bring global chaos.

David Llewellyn-Smith
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  1. 2100…they cant predict tomorrows weather correctly little tho 80 years time affects..zzzzz

    • TheLambKingMEMBER

      Ah, that old chestnut. The models are not accurate so there is no point doing anything about climate change.

      The models all have margins of error (standard science) – hence the different scenarios. The actual weather has been within the margins of error – but mostly on the higher temperature side!

    • Narapoia451MEMBER

      Exxon Mobil’s climate scientists accurately predicted both the atmospheric concentration of CO2 and temperature rise in 2020, back in the early 80s.

      If they can be accurate over 40 years, why is it a stretch to think the rest of the world’s climate scientists will be massively out in the next 80 years?

  2. Roughly translated: We’re going to have to print a LOT more money to fill the hole!

    Get to it fellas. And while you’re at it send us a cheque would ya. This working for a living lark is getting a little tiresome.

  3. migtronixMEMBER

    The Feds tweet this morning on how the banks are cool but uncertainty means they need more socialism was met with a great response.

  4. Ronald Stewson

    Need to de-average the impact. If it wipes out Africa, India, South America, Pakistan, Middle East, no one will care. Meanwhile Russians will have swathes of new farmland and Europeans will need less winter insulation. Australia pretty screwed though.

  5. Here what is? Really. From a scientific perspective what does this represent? This does not qualify as content worth reporting on, by anyone. It is at best diversionary by the banks themselves about what should be keeping them up at night…and that bolstering balance sheets will be done in the name of climate change. Really.

  6. David WilsonMEMBER

    It continues to surprise me that the global warming rubbish is still being perpetuated whilst the truth tells us global temperatures reached a recent peak in 2016 with 2017,2018,2019 and yes to date 2020 are all cooler years this being confirmed by NASA and other world temperature measuring bodies.
    Scientists also tell us that any rises in temperatures also cause more precipitation ( rain) and higher levels of cloud formation leading to the moderation of temperatures, theses are normal reactive climate change issues and natural reactions to temperature changes, additional rainfall and CO2 levels also lead to higher crop forest and plant growth which absorb CO2 so natural balance is achieved.
    We certainly don’t want to pollute our air rivers and waters but this is being substantially achieved by clean coal, cleaner vehicle and industrial emissions and better farming practices so to my mind the massive waste by government on renewable energy is a farce especially knowing very expensive battery backup and massive new unnecessary infrastructure is needed when we should be looking closely at replacing older dirty coal fired plants with nuclear energy being able to use much of the pre existing infrastructure.