Climate Crisis To Cost World $59 Trillion in Worst-Case Scenario, Study Finds

A new study published in Nature suggests that even with significant reductions in CO2 emissions starting today, the global economy is poised to experience a 19% decrease in income by 2050 due to the impacts of climate change. According to the study, the economic damages are six times greater than the costs required to keep global warming under a two-degree threshold.

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 the future impacts of changing climatic conditions on economic growth and their persistence.