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Economic Impact of Climate Change - 11/10/15

Those concerned by global warming might presume that the entire planet will suffer if the earth continues to get hotter.  But a recent article published in the scientific journal Nature indicates that the economic impacts will vary significantly between nations. 

According to the article, compared to a scenario in which there is no global warming, average global income will decline by twenty three percent by the end of the current century if heat trapping carbon dioxide pollution continues to expand at its current trajectory.  As reported by the New York Times, some nations like Russia, Canada and Mongolia would see large economic benefits from global warming.  Most of Europe would perform slightly better. 

The United States and China would be rendered a bit worse off.  Virtually all of Africa, Asia, South America and the Middle East would be hurt dramatically according to the researchers.  According to one of the authors, "What climate change is doing is basically devaluing all the real estate south of the United States and making the whole planet less productive."  One of the implications of this is that the already massive wealth gap between northern and southern nations will continue to widen. 

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.