Reducing carbon emissions will not be enough on its own. According to newly released projections from the NGFS, even under a net-zero transition scenario, global GDP is expected to shrink by 8% compared to a baseline without climate change, an economic toll more severe than previously estimated.
The US has kicked off a full-fledged trade war: On 2 April, US president Donald Trump announced “reciprocal” tariffs that exceeded expectations, with products imported from China set to be taxed at a staggering 130% from 10 April.
