The economic cost of climate change will likely be much more severe than previously feared, as fresh data informs models used to predict the most probable outcomes. Taking the latest available climate data into account, including record increases in temperatures, “the projected physical risk impact” of climate change on gross domestic product has quadrupled by 2050 in some scenarios, the Network for Greening the Financial System said in a report on Tuesday. The group also made clear it’s not too late to change course. The “strong negative impacts on GDP could be mitigated by timely transition efforts,” according to NGFS, which represents more than 140 central banks and supervisory authorities.