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Climate change caused by CO2 emissions already in the atmosphere will shrink global GDP in 2050 by about US$38 trillion, or almost a fifth, no matter how aggressively humanity cuts carbon pollution, researchers said Wednesday.
Climate change will inflict losses to the global economy worth an annual $38 trillion by 2049, as extreme weather ravages agricultural yields, harms labor
Maximilian Kotz, a PIK scientist, said, "Our study finds that the global economy is committed to an average income loss of 19 per cent by 2049 due to past emissions. This corresponds to a 17 per cent reduction in global GDP."
The negative impact of climate change on agricultural yields, labour productivity and infrastructure will cost the world an estimated $38tn annually by 2050, scientists at the Potsdam Institute for Climate Impact Research (PIK) have said.
Countries least responsible for climate change may see 40 percent greater income loss than higher-emission countries.