Climate change could reduce the US growth of economy by one third

Richmond released a document warning that in next century, increase in global temperatures could slow down the growth of US.

The third most important Federal Bank of the United States published a document in which it warns about the possible consequences that global warming could have on the economic growth of the country.

President Donald Trump decided to withdraw the country under his charge of the most important agreement to curb climate change, he said he was doing it so that the US economy could prosper freely once again. He said that the Paris Agreement was disadvantageous for the gringo workers and businessmen.

The Federal Reserve Bank of Richmond, which covers the state finances of Columbia, Maryland, Virginia, and the North and South Carolina, has released a document warning that, in the next century, the increase in global temperatures could slow down the growth of the North American economy by one third.

Riccardo Colacito, Bridget Hoffmann and Toan Phan, the three authors of the paper, analyzed how the change in seasonal temperatures has affected the North American economy over the years.

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That is how they came to the conclusion that hotter summers - like those predicted by climate change models - have a negative impact on economic growth, at least since 1990. Warmer autumns, on the other hand, are slightly positive, "although in the same proportion as the summers, "the document says.

In addition, the researchers tested an old conjecture that circulates among those who downplay climate change in the United States. That conjecture says that while industries that operate outdoors will be hit by high temperatures, other more advanced sectors do not have to suffer. "For that, there is air conditioning," seems to say that old belief.

"It turns out that although it seems logical, the conjecture is wrong. Our results show that the high temperatures in the summer have a negative impact on industries beyond what has traditionally been understood as vulnerable (...) affects industries as diverse as finance, services, distribution, wholesale and retail construction, which account for more than a third of the US economy, " the paper reads, as per El Espectador.

Those effects have already begun to be seen. Last year, for example, the air in some airports was so hot that they did not have enough pressure for the planes to take off.

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The last hurricane season, which brought the powerful Harvey, Irma, and Maria to the coasts of the Caribbean and the United States, could also have been exacerbated by the high temperatures.

The availability and efficiency of the workforce in hot seasons, the researchers found, also decreases, strengthening the findings of two previous investigations (one in 2014 and another in 2012) that pointed in the same direction.

According to this study, it seems that Trump's quest to improve the economy of his country benefits a few industries, especially the energy sector, the paper found that climate change triggers air conditioning bills.