Parts of Texas have yet to recover from the deadly winter storm two months ago while now facing an onslaught of hot, dry days punctuated by the upcoming hurricane season. It’s not unprecedented: Texas last saw such a severe winter storm in 2011, followed that summer by the worst year of the state’s multiyear drought which included 90 days of 100 degrees-plus temperatures and catastrophic wildfires.
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We conducted a large-sample global survey on climate economics, which we sent to all economists who have published climate-related research in the field’s highest-ranked academic journals; 738 responded. To our knowledge, this is the largest-ever expert survey on the economics of climate change. The results show an overwhelming consensus that the costs of inaction on climate change are higher than the costs of action, and that immediate, aggressive emissions reductions are economically desirable.