Takeaway: By studying millions of Americans who permanently relocate across different climate zones, researchers found that warmer temperatures reduce worker earnings far less than leading climate-economy models predict. Key Points Short-term shocks vs. long-term climate: Traditional climate models often infer future economic damage from temporary weather spikes, which overstate long-run harm because they ignore human adaptation. Minimal wage penalty: Workers who move to loca

Joining an emissions trading scheme can lower a company’s borrowing costs, but only if the carbon market is active enough to give banks a reliable signal of the firm's environmental health.