New modelling finds risk to global economies much worse than previously thought, but group of central banks says even this may be an underestimate

The physical shocks caused by climate breakdown will hit global economic growth by a third, according to a risk assessment by a network of central banks.

The rise in the estimated hit to the world’s economies as a result of the shocks from flooding, droughts, temperature rises and mitigating and adapting to extreme weather was the result of new climate modelling published this year.