El Niño projected to cause $11 trillion global losses over five years

A study presented at COP31 estimates El Niño could trigger $11 trillion in global economic losses over five years, with geopolitical conflicts and energy price volatility amplifying climate impacts. The figure is a projection based on modeling, not a confirmed outcome, and the study's methodology is not detailed in the report. This underscores the macroeconomic risk of climate variability intersecting with existing geopolitical and energy market stresses.

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