by Mitch Kokai
Senior Political Analyst, John Locke Foundation
It’s been repeated throughout the media: Future global warming could wipe-out one-tenth of the U.S. economy by 2100. It’s a top-line finding of a major government climate report, but it’s based on a study funded by groups affiliated with two major Democratic donors.
The oft-repeated claim also stemmed from a global warming projection that’s come under increased scrutiny from experts, including one who called it “outlandish.”
The federal government released the second volume of the National Climate Assessment (NCA) Friday. The federal report issued dire warnings, including from “ice sheet disintegration on accelerated sea level rise, leading to widespread effects on coastal development lasting thousands of years.” …
… However, NCA’s dire prediction of a 10 percent hit to U.S. GDP comes from a 2017 study supported by the charitable foundations founded by major Democratic donors. The study was also funded by other organizations, including the National Science Foundation, the U.S. Department of Energy and the Skoll Global Threats Fund.
That 2017 study, published in the journal Science, was funded in part by Bloomberg Philanthropies and Next Generation, which were founded by former New York City Mayor Michael Bloomberg and San Francisco billionaire Tom Steyer, respectively.
University of Colorado professor Roger Pielke, Jr. pointed out problems with the study on Twitter Saturday, including the fact it was funded by groups connected with Bloomberg and Steyer. …
… The Bloomberg-Steyer-funded study found future temperature rise could cost “roughly 1.2% of gross domestic product per [additional one degree Celsius increase] on average.” At the most extreme high-end, that could add up to 10 percent of GDP by 2100.
Pielke called the use of such an extreme scenario “embarrassing” because it’s based on a future that’s 15 degrees Fahrenheit warmer — in other words, twice what the United Nations’ most extreme scenario projects.