Particle.news
Download on the App Store
21 ARTICLES
·
last yr.

Climate Change to Cost Global Economy $38 Trillion Annually by 2050

A comprehensive study reveals that even with drastic emission reductions, the economic impact of climate change remains severe, with poorer nations bearing the brunt.

Image
Image
Image
FILE - Yahir Mayoral and Emily Camacho walk amid the rubble of their grandmother's home, destroyed by flooding driven by a sea-level rise in their coastal community of El Bosque, in the state of Tabasco, Mexico, Nov. 30, 2023. Driven by climate change, sea-level rise and increasingly ferocious storms are eroding thousands of miles of Mexico's coastline facing both the Gulf and the Pacific Ocean. (AP Photo/Felix Marquez, File)

Overview

  • Global GDP to decline by 19% by 2050 due to climate change, impacting all regions but especially poorer countries.
  • Economic losses estimated at $38 trillion annually by mid-century, far outweighing the costs of climate mitigation.
  • Countries least responsible for emissions to face greater economic hardship, with income losses 60% higher than wealthier nations.
  • Immediate and significant emission reductions required to mitigate further economic damage.
  • The study emphasizes the cost-effectiveness of climate action over inaction, highlighting the financial and ethical implications.