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Current extremes. But would he argue that's the case in a world 2°C warmer? Or beyond 3°C which seems to be a general consensus where we are heading? His argument is essentially run faster so GDP growth outpaces climate-related impacts. We can easily see where that's heading.
Here is a study that answered your Q for hurricanes Hurricane damage now: 0.04% of GDP In 2100 w/o climate change, b/c richer/more resilient future: 0.01% Assuming much more ferocious hurricanes, total damage: 0.02%https://www.nature.com/articles/nclimate1357 …
So, climate change will have a real and negative impact in that it will reduce the reduction in damages But actually, the damage fraction will keep going down (from 0.04% to 0.02%) BTW, hurricanes are the single biggest cost in extreme weather (about a third)
Climate change will increase the intensity of the most damaging tropical storms and increase their frequency. Growth in GDP with attendent increase in energy and material consumption is driving this. Seems crazy to seek so optimise this single measure.
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