Climate Change Threatens Global Economies, Urgent Action Needed
Climate change poses a significant threat to global economies. Urgent action is needed to mitigate its impact, as unchecked emissions could lead to substantial income losses worldwide. The United States, for instance, could see a nearly a third reduction in its per-capita GDP by 2100 under an extreme scenario.
The brunt of these losses is expected to be borne by low-income and hotter countries. They could face income losses between 30% and 60% of the global average. Even with mitigation efforts, per-capita income losses could reach up to 24% by 2100 in the worst-case scenario. Climate change reduces income in all countries, regardless of their temperature, wealth, or previous income levels.
Rising temperatures and climate variability impact industries such as agriculture and manufacturing, leading to economic losses. Previous research has indicated a likely decrease in global income by 11% to 29%, depending on future emissions scenarios. Governments worldwide, especially those in poorer, hotter, and coastal countries, are already affected and will be even more strongly impacted if greenhouse gas emissions remain uncontrolled.
Meeting Paris Agreement goals could result in a slight increase of 0.25% in global GDP by 2100. However, without significant mitigation and adaptation efforts, the world's income could fall by nearly a quarter within the century. It is crucial for governments to take bold action to protect economies from further income losses and ensure a sustainable future for all.
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