Using an APT model where global temperature shocks are a systematically priced factor, the risk premium is significant and positive. Evidence is provided that positive exposure to temperature shocks is related to increasing CO₂ emissions by industry. The global impact on the cost of equity could be as high as 2.8% per year, implying a global GDP loss of $2.2 Trillion per year due to global temperature shocks.

中文翻译：

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股权资本成本中全球温度冲击的定价

如果使用全球温度冲击是系统定价的因素的APT模型，则风险溢价显着且为正数。有证据表明，温度冲击的正向暴露与工业增加的CO ₂排放量有关。全球对股票成本的影响可能高达每年2.8％，这意味着由于全球温度冲击，全球GDP每年损失2.2万亿美元。