What if updated climate models reveal 2050 GDP losses are two to four times larger?
Adoption of NGFS Phase V chronic-physical damage functions implies 2-4x larger 2050 GDP losses than prior vintages, prompting a downward repricing of long-horizon growth and risk assets.
Every number ships with its receipt — the odds, the range, the precedents, and a public grade at Reality Check. The statistical machinery that produces it is proprietary.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (electric blue) over time vs the market's (Polymarket, amber), from the past toward the 3–10 years horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. Loading the probability audit trail…
What it would mean
If this plays out, it is a risk-off shock. Adoption of NGFS Phase V chronic-physical damage functions implies 2-4x larger 2050 GDP losses than prior vintages, prompting a downward repricing of long-horizon growth and risk assets. The trigger decomposes into signed root‑shocks — Climate/crop supply ▲ · Credit spreads ▲ · Recession signal ▲ · Risk appetite ▼ — which propagate through our causal graph to the markets below.