Global warming ‘will downgrade Britain’s credit rating’ | Business – The Times
Britain faces a climate-related downgrade to its sovereign credit rating within a decade as global warming causes economic growth to slow and the national debt becomes harder to service, experts from the University of Cambridge have warned.
In the first model of its kind, a team from Cambridge’s Bennett Institute for Public Policy combined environmental science with macroeconomics and machine learning to simulate the effects of climate change on the ratings of 108 countries. Among the authors of the report was Moritz Kraemer, the former chief sovereign ratings officer at Standard & Poor’s.
If nothing is done to curb greenhouse gases, the UK faces a one-notch downgrade from AA to AA- by 2030, the authors said. Germany, India, Sweden and the Netherlands would drop three