NewsGlobal warming's price tag: $38 trillion by 2050, study says

Global warming's price tag: $38 trillion by 2050, study says

Climate crisis: by 2050, average income will decrease by 20%
Climate crisis: by 2050, average income will decrease by 20%
Images source: © NASA, NOAA

8:31 AM EDT, April 18, 2024

Research published in Nature magazine indicates that the cost of damages caused by global warming will be six times higher than the expense of keeping it under 2°C (3.6°F). Scientists warn that overlooking global warming today will lead to massive economic impacts by 2050, with the average income potentially dropping by up to 20 percent.
Scientists predict global warming's impact will manifest through decreased incomes. Escalating temperatures, intensified rainfall, and more frequent extreme weather conditions could result in damages totaling $38 trillion by 2050.
The forecasted losses, much higher than previously estimated, are imminent. This is primarily due to the substantial emissions from burning oil, coal, natural gas, and wood.
"It's devastating. I am used to my work not having a nice societal outcome, but I was surprised by how big the damages were. The inequality dimension was really shocking," commented Dr. Leonie Wenz, one of the study's authors.
Previous projections optimistically believed that most northern hemisphere economies would grow. However, scientists now highlight that even developed countries like Germany (-11 percent), France (-13 percent), the United States (-11 percent), and the United Kingdom (-7 percent) will face economic setbacks by mid-century. Countries expected to be hardest hit due to higher temperatures include Botswana (-25 percent), Mali (-25 percent), Iraq (-30 percent), Qatar (-31 percent), Pakistan (-26 percent), and Brazil (-21 percent).

It's not to late

According to the Guardian, the study "Economic Engagement in Climate Change," conducted by three researchers from the Potsdam Institute, represents the most thorough analysis of its kind to date. Maximilian Kotz, Anders Levermann, and Leonie Wenz emphasize that it's not too late to mitigate global warming's effects.

"It is on us to decide: structural change towards a renewable energy system is needed for our security and will save us money. Staying on the path we are currently on will lead to catastrophic consequences. The temperature of the planet can only be stabilized if we stop burning oil, gas and coal," Anders Levermann of the Potsdam Institute summarized.

Skeptics and critics of global warming may maintain their stance, arguing that scientists at the Potsdam Institute are merely speculating about the future. Perhaps the current events (April 17) in Dubai may prompt some reevaluation.
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