The Climate Crisis Will Cost Two COVIDs
Climate crisis to shrink G7 economies twice as much as Covid-19, says research; G7 countries will lose $5tn a year by 2050 if temperatures rise by 2.6C
Fiona Harvey, 7 June 2021 (UK Guardian)
The economies of rich countries will shrink by twice as much as they did in the Covid-19 crisis if they fail to tackle rising greenhouse gas emissions…The G7 countries – the world’s biggest industrialised economies – will lose 8.5% of GDP a year, or nearly $5tn wiped off their economies, within 30 years if temperatures rise by 2.6C, as they are likely to on the basis of government pledges and policies around the world…
The economies of G7 nations contracted by about 4.2% on average in the coronavirus pandemic, and the economic losses from the climate crisis by 2050 would be roughly on the scale of suffering a similar crisis twice every year…The UK’s economy would lose 6.5% a year by 2050 on current policies and projections, compared with 2.4% if the goals of the Paris climate agreement are met.
Other nations will be hit much worse, including India, whose economy will shrink by a quarter owing to a 2.6C temperature increase, while Australia will suffer a loss of 12.5% of output, and South Korea will lose nearly a tenth of its economic potential…The modelling by the insurance firm Swiss Re took account of the forecast direct impacts of climate breakdown, including extreme weather such as droughts and floods, as well as the effects on agricultural productivity, health and heat stress…” click here for more