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Global Economy Could Shrink 50% Between 2070 and 2090 From Climate Shocks, Say Actuaries

Summary

A report by the Institute and Faculty of Actuaries (IFoA) warns that the global economy could lose 50% of its GDP between 2070 and 2090 due to climate shocks like fires, flooding, and biodiversity collapse. The study criticizes current economic models for underestimating risks and ignoring potential tipping points and societal breakdowns. Without accelerated decarbonization and restoration of nature, climate impacts could result in 4 billion deaths and state failures. The report calls for urgent political action, a paradigm shift in economic policy, and a planetary solvency risk dashboard to help decision-makers address escalating planetary risks.

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