Potsdam Institute - Even W. Drastic Carbon Action Today, 19% Losses In Global Income Through 2050 Already Baked In

[hatrack]

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Even if CO2 emissions were to be drastically cut down starting today, the world economy is already committed to an income reduction of 19% until 2050 due to climate change, a study published in Nature finds. These damages are six times larger than the mitigation costs needed to limit global warming to two degrees.

Based on empirical data from more than 1,600 regions worldwide over the past 40 years, scientists at the Potsdam Institute for Climate Impact Research (PIK) assessed future impacts of changing climatic conditions on economic growth and their persistence.

“Strong income reductions are projected for the majority of regions, including North America and Europe, with South Asia and Africa being most strongly affected. These are caused by the impact of climate change on various aspects that are relevant for economic growth such as agricultural yields, labor productivity or infrastructure,” says PIK scientist and first author of the study Maximilian Kotz.

Overall, global annual damages are estimated to be at 38 trillion dollars, with a likely range of 19–59 trillion dollars in 2050. These damages mainly result from rising temperatures but also from changes in rainfall and temperature variability. Accounting for other weather extremes such as storms or wildfires could further raise them.

EDIT

https://thinc.blog/2024/04/18/climate-change-bringing-crushing-economic-costs/

[Voltaire2]

1. The article casually acknowledges that '1.5' is in the rear view mirror.

"These damages are six times larger than the mitigation costs needed to limit global warming to two degrees."

Also as has become obvious, the imperial core will suffer the least, the periphery will suffer the most.

[Mickju]

2. I believe that is correct.