The following is an excerpt from LYDIA O'NEAL | November 14, 2017 | ibtimes.com |
It’s no secret that climate change has disastrous consequences for coastal real estate and drought-stricken farmland, but the rise in global temperatures harbors potentially serious implications for a sector thrust into political focus in recent decades: manufacturing.
In a new study examining the impact of hotter weather on half a million Chinese manufacturers over the decade spanning 1998 to 2007, researchers found that an extra day of extreme heat, defined as exhibiting temperatures above 90 degrees Fahrenheit, leads to roughly half a percentage point drop in output, or nearly $10,000 for the average firm, in 2017 dollars.
That may seem miniscule, but that’s just one firm, and one day. In aggregate, the study authors note, rising temperatures could cost the global market for manufacturing products billions by the middle of the 21st century. In China — which became the world’s largest manufacturing nation, a title long held by the U.S., in 2010 — an annual one-degree shift in temperatures would lower the country’s manufacturing sector’s gross domestic product by close to a full percentage point, the study estimated.
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