Climate Change Threatens Global Economy with 30% GDP Loss by 2100
Alarming new research reveals the stark economic consequences of climate change. Without significant action, countries worldwide face substantial income losses, with the poorest nations hit hardest.
The study warns that under current policies, global GDP losses could reach a staggering 30% by 2100, with tail risks soaring to 50%. This means that without mitigation efforts, we could be facing an economic catastrophe on an unprecedented scale.
Climate change doesn't just threaten agriculture; it affects industries across the board, from transport to manufacturing and retail. Even wealthy nations like the US and Canada could face income losses of up to 31% and 28% respectively by the end of the century. Other countries such as Saudi Arabia, the UAE, South Korea, Mexico, and Australia are also at significant risk.
The impacts are already being felt. Past warming of just 1.2°C has resulted in a global income loss of 2%, equivalent to USD$1.6tn. Climate disasters could further dent global economic growth by up to 3% within the next five years. Hotter and low-income countries could face economic losses 30% to 60% higher than the global average, exacerbating existing inequalities.
However, the news is not all bleak. Meeting the Paris Agreement climate goals could increase global per capita income by 0.25%. This underscores the urgent need for ambitious climate action.
The economic risks of climate change are clear and profound. Without swift and ambitious action, we risk locking in a future of significant economic losses and increased inequality. The window for action is closing, and the stakes could not be higher.
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