Climate change study that overestimated economic impact is pulled

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00:00The scientific journal Nature has retracted an influential paper that overestimated the

00:05economic toll of climate change. The report was used by central banks to help set policy

00:10and regulations. And now they're all going to have to go back to the drawing board

00:15because the three scientists who worked on and published the paper last spring

00:19now say it has, quote, substantial issues. The article estimated a massive 62% drop in global

00:27economic output by the year 2100 if carbon emissions were not curved. But another team

00:33of researchers found that the data used to come up with that number was skewed by problems with

00:39data for Uzbekistan. When those numbers were removed, the number went from 62% to 23%. Carbon

00:46emissions are still an issue, and that 23% could still have impacts across the globe, but not nearly

00:53as catastrophic as 62%. Unfortunately, as I mentioned, the bad data was used by central

01:00banks from around the world to model climate change's financial impacts. And who looks to

01:04those central banks for financial guidance? Businesses, like the kind that build infrastructure,

01:09the costs of which usually are passed on to customers and consumers like you and me. So

01:15yay for that. The authors of the original paper plan to go back and correct the errors before releasing

01:20a new version. The central banks, meanwhile, say that they will continue to adjust modeling based

01:25on new research and will publish their own long-term scenarios late next year.