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Climate change putting 4% of global GDP at risk, new study estimates

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Countries around the equator or small islands tend to be more at risk, while economies more reliant on sectors such as agriculture are likely to be more affected than those with large services sectors.

For most countries, exposure to, and costs from climate change are already increasing. Over the past 10 years, storms, wildfires, and floods alone have caused losses of around 0.3% of GDP per year globally according insurance firm Swiss Re.

S&P’s Sifon-Arevalo said that some countries have already suffered credit ratings downgrades due to extreme weather, such as some Caribbean Islands after major hurricanes. A study last year by a group of UK universities looking at a more extreme rise in global temperatures predicted that over 60 countries could see their ratings cut because of global warming by 2030.

 

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