Global Income Set To Shrink By One Fifth
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18 Apr 2024
According to a report published in the journal Nature, climate change will shrink global GDP by $38 trillion, or about a fifth, by 2050
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Economic impacts could increase by tens of trillions annually by 2100
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Staying under the 2°C threshold could limit regional income loss to 20%
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The annual investment needed to cap global warming is a fraction of the damages avoided
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Poor countries, hit hardest, will suffer a 60% greater income loss
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Rich countries like Germany, the US, and France will also see an income decline
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Projections based on four decades of economic and climate data from 1,600 regions
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Additional climate variables could increase damages by about 50%
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Unavoidable damage may slash global GDP by 17% in 2050
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The costs of acting to mitigate climate change are a fraction of the unmitigated costs
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