An expert in economics and climate change says a new Treasury report on climate change underestimates its true cost.
The report says New Zealand's economy is resilient, and well placed to weather the impact of the warming globe.
It says the "modest" change predicted to the gross domestic product in the coming decades masks the huge impact that global warming and the need to cut emissions will have on some sectors and households.
It is the first time Treasury has attempted to assess the economic and fiscal impact of climate change.
Victoria University of Wellington chair in the economics of disasters and climate change Professor Ilan Noy spoke to Corin Dann.
