Researchers warn that climate change will cost wealthy countries twice as much as the pandemic of the new coronavirus unless further measures are taken to reduce carbon dioxide emissions.
Under existing climate policies, temperatures will rise by 2.6 degrees Celsius, and G7 countries will lose 8.5% of their annual GDP (almost $ 5 trillion) by 2050.
Italy and France are the worst-hit wealthy countries, with economies shrinking by an estimated 11.4% and 10%, respectively.
By comparison, the coronavirus crisis wiped out an average of 4.2% in G7 countries.
This study by Oxfam and the Swiss Lee Institute shows how the economy responds to “gradual and chronic climate risks” such as sea level rise and extreme weather events, as well as the associated impacts on agricultural productivity and human health. I modeled what to do.
India tends to lose a quarter of its economy, with low-income countries found to be the most affected.
“Climate change is the greatest long-term risk to the global economy and maintaining the status quo is not an option. Further progress by the G7 is needed,” said Jerome Hegeri Chief Economist, Swiss Re.
“This means not only our obligation to reduce CO2, but also our support for developing countries. This is very important.”
Leaders of G7 countries such as the United Kingdom, the United States, Japan, Canada, France, Germany and Italy will meet in Cornwall on Friday for the global economy, Covid-19 vaccine, and corporate tax.
India, like Australia, South Africa and South Korea, has been invited to the summit, and these countries are expected to pay a high price for inadequate climate policy.
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A previous World Bank study warned that climate change could put an additional 32 to 132 million people in extreme poverty by the end of the decade.
“The economic basis for climate change is clear,” said Max Lawson, head of inequality policy at Oxfam.
“Now we need to take dramatic action over the next nine years for the G7 government to reduce emissions and increase climate funding.
Unidentified climate change costs G7 “twice as much as Covid”
Source link Unidentified climate change costs G7 “twice as much as Covid”