London, 8 June: A major report on the economic impact of climate change published by the insurance giant Swiss Re and heavily promoted by the media and Oxfam is misleading the public, according to a rebuttal published today by the Global Warming Policy Forum (GWPF).
Author Tim Worstall says that Swiss Re’s claim climate change would reduce world GDP by 8.5% per year is highly deceptive, because it fails to take account of economic growth.
The economy in 2050 is likely to be much bigger as a result of economic growth and smaller as a result of any damage due to climate change that may occur. In other words, the world our children will experience will be the nett result of these two effects.
But as Worstall explains, Swiss Re have simply left out one half of the equation:
“They have simply ignored the benefits of economic growth and only discuss the costs of climate change impacts. In fact, the whole paper has been written in a way that obscures the fact that they have used this trick.”
GWPF director, Dr Benny Peiser said:
“Once again, we see the public being misled by academic trickery and half truths. This is no longer surprising, but it is still shameful behaviour by Swiss Re and Oxfam.”