Climate change could depress global income by almost 20%, study shows
Newsy
The effects of global warming are expected to depress global income by about $38 trillion every year through 2049.
A new report measuring the economic effects of climate change says we may expect global income to be 19% lower than it would be without global warming over the next 25 years.
The new research, published Wednesday in the journal Nature, analyzed 40 years of climate-driven effects on global GDP to project what continued climate change would mean for future economic growth. It found that compared to a theoretical future without these climate effects, "the world economy is committed to an income reduction of 19% within the next 26 years independent of future emission choices."
The effects of global warming are expected to depress global income by about $38 trillion every year through 2049. An average U.S. or German income could drop by 11%, for example, while a French income may drop by 13%.
This drop may not be obvious across the board, however, since the expected overall growth in global GDP is likely to still translate to individual income growth in many if not most cases.
Researchers say the biggest economic threat is most likely to come not from the damage of individual extreme events like hurricanes or wildfires, but from the slow upward creep of average temperatures, which can have broad effects on labor output or crop yields.
