Climate Change Threatens Global Economies, Study Warns
Climate change is posing a significant threat to global economies. A new study reveals that it reduces income in all countries, regardless of their temperature, wealth, or previous income levels. The findings underscore the urgent need for governments to meet Paris Agreement goals.
The research paints a stark picture of the economic consequences of unchecked greenhouse gas emissions. In a moderate emissions scenario, global GDP could decrease by about 2.5% by 2100. However, under an extreme emissions scenario without climate mitigation or adaptation, the world's income could fall by nearly a quarter within the century.
Low-income and hotter countries are particularly vulnerable. They face income losses between 30% and 60% of the global average. The United States, for instance, could lose nearly a third of its per-capita GDP by 2100 under an extreme scenario. Even in a high-emissions scenario with minimal adaptation, global per-capita GDP could drop by up to 11%.
Rising temperatures and climate variability impact industries such as agriculture and manufacturing, leading to economic losses. The study highlights the need for urgent action to address climate change and protect economies from further income losses. It notes that countries in the Global South and vulnerable economies, particularly those dependent on agriculture and natural resources, are among the most severely impacted.
The research underscores the importance of governments meeting Paris Agreement goals. If they do, global GDP could slightly increase by 0.25% by 2100. However, the stakes are high, and the need for urgent action is clear. Failure to address climate change could result in significant economic losses worldwide.
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