New Study Warns of Massive Income Losses Without Paris Agreement Action
A new study warns of significant global income losses due to unchecked climate change. It finds that limiting temperature increases to 0.01°C (0.02°F) per year, as per the Paris Agreement, could result in a slight global GDP increase by 2100. However, many countries still plan fossil fuel production far exceeding Paris targets.
The research reveals that climate change reduces income in all countries, regardless of their temperature, wealth, or location. Under an extreme emissions scenario, the United States could lose nearly a third of its per-capita GDP by 2100. In a high-emissions scenario, global per-capita GDP could drop by up to 11% by 2100.
Low-income and hotter countries face the brunt of the impact. They are projected to suffer income losses between 30% and 60% of the global average. The study projects global GDP losses due to warming, with significant impacts on industries like agriculture and manufacturing.
The study emphasizes the urgent need for action to address climate change and protect economies from further income losses. It suggests that limiting temperature increases to the Paris Agreement target could lead to a slight global GDP increase by 2100. However, many countries still need to align their plans with their climate promises to achieve this goal.
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