Climate Change Is Likely to Slash Global Income

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By Katherine Bourzac, Eos/AGU. 

Excerpt: A new study estimates that climate change could cost $38 trillion per year, but emissions mitigation and adaptation strategies could limit future damages. Worldwide income may fall by 19% by 2049 because of changes in climate... according to a new study published in Nature. Poorer countries in the tropics that have historically contributed the least to greenhouse gas emissions will experience the greatest economic burden, researchers said. The “huge” $38 trillion annual price tag of climate-related damages is 6 times greater than the cost of mitigating emissions to meet the targets in the Paris Agreement, said Anders Levermann, a climate scientist at the Potsdam Institute for Climate Impact Research and one of the study’s authors. ...Poorer countries will experience 61% more income loss than richer countries will. And the effects will also fall disproportionately on those that have contributed relatively little to climate change: Countries with historically low emissions will face 40% more lost income than those whose emissions have been high.... 

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