A widely cited research paper on the economic losses of climate change was withdrawn Wednesday due to peer criticism. This research paper, which was published in the well-known journal “Nature” last year, predicts that under the high carbon emissions scenario, global economic output will drop 62% by 2100. This estimate is far more serious than other predictions, prompting a review of its underlying data. Leonie Wentz of the Potsdam Institute for Climate Impact Research, author of the research paper, said, “We generally agree with the questions raised by our peers and have revised the basic economic data and our methods to address these issues.” She also said, “These changes are too big to correct the original text in Nature in the form of a corrigendum.” The study examined historical data from about 1,600 regions around the world over the past four decades to predict how changes in temperature and precipitation will affect economic growth, including factors such as agricultural production, labor productivity, and infrastructure. This research paper has been cited by the US Congressional Budget Office, the World Bank, and the Green Finance Network of central banks and regulators. NGFS is a central bank union, and the Federal Reserve left the alliance this year.

A widely cited research paper on the economic losses of climate change was withdrawn Wednesday due to peer criticism. This research paper, which was published in the well-known journal “Nature” last year, predicts that under the high carbon emissions scenario, global economic output will drop 62% by 2100. This estimate is far more serious than other predictions, prompting a review of its underlying data. Leonie Wentz of the Potsdam Institute for Climate Impact Research, author of the research paper, said, “We generally agree with the questions raised by our peers and have revised the basic economic data and our methods to address these issues.” She also said, “These changes are too big to correct the original text in Nature in the form of a corrigendum.” The study examined historical data from about 1,600 regions around the world over the past four decades to predict how changes in temperature and precipitation will affect economic growth, including factors such as agricultural production, labor productivity, and infrastructure. This research paper has been cited by the US Congressional Budget Office, the World Bank, and the Green Finance Network of central banks and regulators. NGFS is a central bank union, and the Federal Reserve left the alliance this year.