Reserve Bank warns of 25% GDP loss by 2100 unless action taken on climate change

Australia's central bank joins 60 others, including the Bank of England, to warn of climate risk to the economy and financial sector

More than 60 central banks, including the Reserve Bank of Australia and the Bank of England, have warned that global GDP could fall by 25% by 2100 if the world does not act to reduce global greenhouse gas emissions.

They suggested if the world acted to limit emissions to net zero by about 2070, giving a 67% chance of limiting global heating to 2C above pre-industrial levels, the impact of the climate crisis on global GDP could be about 4%.