By 2050, climate change will shrink the US economy by 1.1%, according to a report from the Economist Intelligence Unit. The same holds true for North America's economy as a whole, according to the report. Natural catastrophes, such as wildfires and droughts, for example, will continue to be a drag on the economy with worsening climate conditions.Still, the United States is comparably well off. Western Europe's GDP growth stands to drop 1.
Read More"Poor institutions, therefore, can simultaneously harm economic growth and exacerbate the negative impacts of climate change," the report said. This might include investing in flood defense, water storage or public infrastructure.Global GDP growth will be 3% lower by 2050 thanks to the impact of climate change, and that means the developing world will bear the brunt of the bad news.Africa is the most vulnerable to negative economic impact, according to the EIU report.