NDTV-Dettol Banega Swasth Swachh India NDTV-Dettol Banega Swasth Swachh India
  • Home/
  • Climate Change/
  • Climate Change Will Cost Global Economy USD 38 Trillion Every Year By 2050, Finds Study

Climate Change

Climate Change Will Cost Global Economy USD 38 Trillion Every Year By 2050, Finds Study

New study predicts 19% global income loss by 2049 due to climate change, hitting South Asia and Africa hardest

India Expected To Push For Big Change In Tackling Climate Issues At COP28: UNDP India
Since 1850, global temperatures have risen by 1.1°C, with 2023 being the hottest on record

New Delhi: The global economy is expected to lose about 19 per cent income in the next 25 years due to climate change, with countries least responsible for the problem and having minimum resources to adapt to impacts suffering the most, according to a new study. The study by scientists at Germany’s Potsdam Institute for Climate Impact Research (PIK) published on Wednesday said South Asia and Africa will be strongly affected with a median income loss of around 22 per cent in 2050.

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.

Also Read: As Summer Intensifies, IMD Warns Of Heatwave Across Multiple Indian States

The analysis shows climate change will cause massive economic damages within the next 25 years in almost all countries around the world, also in highly developed ones such as Germany, France, and the United States, said scientist Leonie Wenz, who led the study published in the journal Nature.

The predicted loss is massive and already about six times more than what it would cost to reduce carbon emissions enough to keep the average temperature rise below 2 degrees Celsius, the researchers said.

These economic damages are mostly due to rising average temperatures. However, when the researchers also considered other factors like rains and storms, the predicted economic damages increased by about 50 per cent and varied more from one region to another.

The researchers looked at detailed weather and economic data from over 1,600 regions globally, covering the last 40 years.

While most regions in the world are expected to suffer economically due to climate change, they said regions near the poles might see some benefits due to less temperature variability.

Also Read: Heat And Heart: There Is A Link

On the other hand, the hardest-hit regions will likely be those closer to the equator, which have historically contributed less to global emissions and currently have lower incomes.

Anders Levermann, head of Research Department Complexity Science at the Potsdam Institute and co-author of the study said,

Our study highlights the considerable inequity of climate impacts. We find damages almost everywhere, but countries in the tropics will suffer the most because they are already warmer. Further temperature increases will therefore be most harmful there.

The countries least responsible for climate change are predicted to suffer income loss that is 60 per cent greater than the higher income countries and 40 per cent greater than higher emission countries. They are also the ones with the least resources to adapt to its impacts, he said.

Scientist Leonie Wenz said,

These near-term damages are a result of our past emissions. We will need more adaptation efforts if we want to avoid at least some of them. We have to cut down our emissions drastically and immediately; if not, economic losses will become even bigger in the second half of the century, amounting to up to 60 per cent of the global average by 2100.

Anders Levermann said,

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 stabilised if we stop burning oil, gas and coal.

Also Read: Children’s Role In Fighting Climate Change

Global average temperatures have risen by more than 1.1 degrees Celsius since 1850, exacerbating climate impacts, with 2023 being the hottest on record.

The greenhouse gases spewed into the atmosphere, largely due to the burning of fossil fuels since the start of the Industrial Revolution, are closely tied to it.

According to the World Meteorological Organisation’s “State of the Global Climate 2023” report, greenhouse gas levels, surface temperatures, ocean heat and acidification, and sea level rise reached record highs in 2023.

Climate science says the world needs to slash CO2 emissions by 43 per cent by 2030 to limit the average temperature rise to 1.5 degrees Celsius, the guardrail to prevent worsening of climate impacts.

The business-as-usual scenario will take the world to a temperature rise of around 3 degrees Celsius by the end of the century, scientists have warned.

(This story has not been edited by NDTV staff and is published from a syndicated feed.)

NDTV – Dettol have been working towards a clean and healthy India since 2014 via the Banega Swachh India initiative, which in its Season 10 is helmed by Campaign Ambassador Ayushmann Khurrana. The campaign aims to highlight the inter-dependency of humans and the environment, and of humans on one another with the focus on One Health, One Planet, One Future – Leaving No One Behind. It stresses on the need to take care of, and consider, everyone’s health in India – especially vulnerable communities – the LGBTQ populationindigenous people, India’s different tribes, ethnic and linguistic minorities, people with disabilities, migrants, geographically remote populations, gender and sexual minorities. In a world post COVID-19 pandemic, the need for WASH (WaterSanitation and Hygiene) is reaffirmed as handwashing is one of the ways to prevent Coronavirus infection and other diseases. The campaign will continue to raise awareness on the same along with focussing on the importance of nutrition and healthcare for women and children, fight malnutrition, mental well-being, self-care, science and health, adolescent health & gender awareness. Along with the health of people, the campaign has realised the need to also take care of the health of the eco-system. Our environment is fragile due to human activity, which is not only over-exploiting available resources, but also generating immense pollution as a result of using and extracting those resources. The imbalance has also led to immense biodiversity loss that has caused one of the biggest threats to human survival – climate change. It has now been described as a “code red for humanity.” The campaign will continue to cover issues like air pollutionwaste managementplastic banmanual scavenging and sanitation workers and menstrual hygiene. Banega Swasth India will also be taking forward the dream of Swasth Bharat, the campaign feels that only a Swachh or clean India where toilets are used and open defecation free (ODF) status achieved as part of the Swachh Bharat Abhiyan launched by Prime Minister Narendra Modi in 2014, can eradicate diseases like diahorrea and the country can become a Swasth or healthy India.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This website follows the DNPA Code of Ethics

© Copyright NDTV Convergence Limited 2024. All rights reserved.