climate economy
Global climate impacts are set to drastically reduce average income levels by 2050
A new study reveals that by 2050, global incomes will decrease by almost 20% on average due to severe climate impacts, which will cost significantly more than proactive measures to limit temperature rises.
In short:
- The study predicts $38 trillion in annual damages by mid-century due to climate change, significantly outpacing earlier estimates.
- Income reductions will vary, with North America and Europe seeing about 11% decreases, while hotter regions like Africa and South Asia face over 20% losses.
- The research advocates for rapid emission reductions to mitigate severe future economic and environmental impacts.
Key quote:
"It’s devastating... The inequality dimension was really shocking."
— Leonie Wenz, scientist at the Potsdam Institute for Climate Impact Research
Why this matters:
The study's authors note that the cost of damage from extreme weather events is six times more than what it would cost to limit warming to 2 degrees. How do we get to real solutions? John Harte, a physicist-turned-ecologist at the University of California, Berkeley, provides some answers.
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