Climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world that's not warming, with the poorest areas and those least responsible forClimate change's economic bite in how much people make is already locked in at about $38 trillion a year by 2049, according to Wednesday's study in the journal Nature by researchers at Germany's Potsdam Institute for Climate Impact Research.
“Those temperature increases drive the most damages in the future because they're really the most unprecedented compared to what we've experienced historically,” Kotz said. Last year, a record-hot year, the global average temperature wasIn the United States, the southeastern and southwestern states get economically pinched more than the northern ones with parts of Arizona and New Mexico taking the biggest monetary hit, according to the study.
If the world could curb carbon pollution and get down to a trend that limits warming to 2 degrees Celsius above pre-industrial times, which is the upper limit of the 2015 Paris climate agreement, then the financial hit will stay around 20% in global income, Kotz said. But if emissions increase in a worst case scenario, the financial wallop will be closer to 60%, he said.
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