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.

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.