18:29 19 April 2024
Climate Change Leads to Global Decline in Income
Climate change will contribute to a global decline in income of 19 percent by 2050, translating into $38 trillion in annual losses. In Poland, the decline will amount to nearly 10 percent. Immediate action to reduce emissions could help avoid even greater losses in the coming years. These are the conclusions of a newly published study by scientists from the Potsdam Institute for Climate Impact Research (PIK). They used data for 1600 regions globally from the past 40 years to project for the next quarter-century.
The forecast suggests that the most likely global income decline is 19 percent, regardless of future emission reduction efforts. Taking into account the uncertainty, the range of the decline is between 11 and 29 percent.
As lead author Maximilian Kotz explained, the 19 percent decline in income will translate into 17 percent in GDP. The losses will affect almost all countries in the world.
