Climate Change to Cause $38 Trillion a Year in Damages by 2049
The world economy will suffer less financial damage if global warming is limited to 2C, according to researchers.
A child inspects a large-scale projection of planet earth at the Museum of Natural Sciences of Barcelona, a designated climatic refuge, part of Barcelona’s Climate Shelter Network, where residents can take shelter during extreme heat.
Photographer: Angel Garcia/BloombergClimate change will inflict losses to the global economy worth an annual $38 trillion by 2049, as extreme weather ravages agricultural yields, harms labor productivity and destroys infrastructure, according to researchers at the Potsdam Institute for Climate Impact Research (PIK).
Planetary warming will result in an income reduction of 19% globally by mid-century, compared to a global economy without climate change, according to research published in Nature on Wednesday. The paper uses data from more than 1,600 regions worldwide over the past 40 years to assess future impacts of a warmer planet on economic growth.