BAKU, Azerbaijan, April 19. The global economic income could fall by 19 percent by 2050 due to climate change, the Potsdam Institute for Climate Impact Research (PIK) said, Trend reports.
"Because of the kind of climate change that exists in the world, the world economy is already committed to a 19 percent decline in income by 2050. Each year, incomes could decline by more than $20–$30 trillion," the new research from PIK reads.
According to the authors of the study, based on empirical data from more than 1,600 regions of the world, this projected economic loss is six times the cost of climate change mitigation needed to limit global warming to 2 degrees Celsius.
"Strong declines in income are projected in most regions of the world, including North America and Europe. The decline in global economic income is linked to the impact of climate change on various aspects relevant to economic growth, such as agricultural yields, labor productivity, or infrastructure performance," one of the authors of the research, Maximilian Kotz, believes.
He urges the countries of the world to take immediate measures to reduce greenhouse gas emissions into the atmosphere to minimize the economic damage to the development of the global economy.
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