We do not believe that there has to be a trade-off between preventing global warming and achieving economic growth. Even so, there is a clear risk that the world fails to prevent a significant further rise in global temperatures. Although it is only in the second half of this century that the effects of this are likely to have a material impact on global GDP growth, the disproportionate impact on many developing countries will add to the structural headwinds they already face over the next couple of decades.
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