Ecological collapse doesn’t happen in a vacuum.

Our global economy will also collapse by up to 50% before the end of this century if we continue as we are. That’s the latest diagnosis by an interdisciplinary team who are sounding the alarm that current national climate policies are not enough to mitigate the damage to ecology and economy. The Institute of the Faculty of Actuaries and the University of Exeter today published Planetary Solvency which warns that widely used but deeply flawed assessments of the economic impact of climate change render policymakers blind to the immense risk created by current trajectories.

Sandy Trust, actuary and co-author, joins me to explain how these flawed assessments play out in climate policies and an alternative methodology for calculating risk laid out in the report. This is Sandy’s second time on the show, as in 2023 he joined me to explain how the world of finance underestimates the destruction climate change will cause on our economy after 1.5 degrees of warming. The update is no less frightening—especially, as Sandy reveals, given policy makers have little interest in heeding the warnings of experts.

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