New study calculates climate change's economic bite will hit about $38 trillion a year by 2049
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A new study by Germany's Potsdam Institute for Climate Impact Research predicts that climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world that's not warming. The economic cost of climate change is estimated to be around $38 trillion a year by 2049, with the financial cost potentially doubling by 2100. The study shows that the poorest areas and those least responsible for heating the atmosphere will be the most affected. The damages caused by climate change are mainly driven by average warming and overall temperature increases, which harm crops and hinder labor production. The study also reveals that countries with historically lower greenhouse gas emissions per person and less financial ability to adapt to warming weather will experience the biggest financial harms. The world's poorest countries are projected to suffer a 61% bigger income loss than the richest ones. The study concludes that emission cuts will only produce small changes in income reduction over the next 25 years, but cutting carbon emissions now will pay off in the second half of the century. If carbon pollution is curbed and warming is limited to 2 degrees Celsius above pre-industrial times, the financial hit will stay around 20% in global income. However, if emissions increase in a worst-case scenario, the financial impact could be closer to 60%. The study highlights the importance of taking action to mitigate climate change and the potential economic benefits of doing so.

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https://apnews.com/article/climate-change-damage-economy-income-costly-3e21addee3fe328f38b771645e237ff9