J.P. Morgan, Special Report, Risky business: the climate and the macroeconomy

Risky business: the climate and the macroeconomy

"Climate change is a slow-moving process, but it is no less dangerous for that. It is likely to be one of the key defining features of the coming decades. The longer action is delayed the more costly it will be to deal with the issues. Moreover, a delayed policy response opens us up to potentially catastrophic outcomes, which might be impossible to reverse."

"Most likely, business as usual will be the path that policymakers follow in the years ahead. It remains to be seen what the consequences of this will be, but one thing is sure: Business As Usual opens the earth to a greater likelihood of a catastrophic outcome from the fat upper tail of the probability distribution. It also increases the likelihood that the costs of dealing with climate change will go up as action is delayed. And finally, it increases the likelihood that the changes in the climate will be irreversible."

~ J.P.  Morgan Securities plc
David Mackie (44-20) 7134-8325 david.mackie@jpmorgan.com
Jessica Murray (44-20) 7742 6325 jessica.x.murray@jpmorgan.com

Economic Research
Risky business: the climate and the macroeconomy
January 14, 2020

Nordhaus, W., The Climate Casino, Yale University Press, 2013

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