this post was submitted on 16 Jan 2025
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Global economic growth could plummet by 50% between 2070 and 2090 from the catastrophic shocks of climate change unless immediate action by political leaders is taken to decarbonise and restore nature, according to a new report.

The stark warning from risk management experts the Institute and Faculty of Actuaries (IFoA) hugely increases the estimate of risk to global economic wellbeing from climate change impacts such as fires, flooding, droughts, temperature rises and nature breakdown. In a report with scientists at the University of Exeter, published on Thursday, the IFoA, which uses maths and statistics to analyse financial risk for businesses and governments, called for accelerated action by political leaders to tackle the climate crisis.

Their report was published after data from the EU’s Copernicus Climate Change Service (C3S) showed climate breakdown drove the annual global temperature above the internationally agreed 1.5C target for the first time in 2024, supercharging extreme weather.

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[–] Chocrates@lemmy.world 1 points 1 day ago (1 children)

Yeah, I keep telling people that Millennials trying to retire (lol), should expect and plan for the market to drastically change but I can't get a single person to take me seriously.

Even if the market keeps going up like the boomers had we aren't gonna be able to retire like them at all, if the economy crashes on top of it, are we all gonna be homeless?

[–] Maggoty@lemmy.world 2 points 1 day ago* (last edited 1 day ago)

Well yeah, why do you think we're all buying prepper books and guns? Gotta get ready to be the old guy in the water wars.