The 3°C Scenario: What's the economic impact of severe global warming?

The 3°C Scenario: What's the economic impact of severe global warming?
"You may have noticed some concerning climate headlines popping up today in your smartphone notifications:

• “‘Sounding the alarm’: World on track to breach a critical warming threshold in the next five years” - CNN
• “Global warming likely to exceed 1.5C within five years, says weather agency” - Financial Times
• “Global warming set to break key 1.5C limit for first time” - BBC

As the above FT chart neatly shows, the newsy forecast is about breaching the 1.5°C level in a single year, not a permanent increase...