Extreme heat is slamming the world's three biggest economies all at once
London (CNN Business) It has historically been difficult to predict how catastrophic climate change will be for the world economy. But it's been more and more clear this summer how quickly expenses may mount. At a time when economic growth is already slowing significantly and adding to pressure on prices, extreme heat and drought conditions are wreaking havoc on the United States, Europe, and China. All factories in the Sichuan region of China have been instructed to close for six days in order to conserve energy. The Rhine river in Germany is having difficulty accommodating the typical voyages of ships bringing coal and chemicals. Additionally, because of the soaring temperatures, residents of America's West Coast have been urged to consume less electricity. For the specific regions that are impacted, these events "have the potential to be extremely important," according to Ben May, director of global macro research at Oxford Economics. The duration of the heatwaves ...