New study calculates climate change's economic bite will hit about $38 trillion a year by 2049

Dinner date! This gift card lets you dine at Planet Hollywood, Bertucci’s, and more, now starting at $20.FILE - People watch the sunset at a park on an unseasonably warm day, Feb. 25, 2024, in Kansas City, Mo. A new study says climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world thats not warming.

For the past dozen years, scientists and others have been focusing on extreme weather such as heat waves, floods, droughts, storms as the having the biggest climate impact. But when it comes to financial hit the researchers found “the overall impacts are still mainly driven by average warming, overall temperature increases,” Kotz said. It harms crops and hinders labor production, he said.

The world's poorest countries will suffer 61% bigger income loss than the richest ones, the study calculated.This new study looked deeper than past research, examining 1,600 global areas that are smaller than countries, took several climate factors into account and examined how long climate economic shocks last, Kotz said.

That shows that the public shouldn't think it's a financial “doomsday” and nothing can be done, Kotz said.

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New study calculates climate change's economic bite will hit about $38 trillion a year by 2049A new study says 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 for heat-trapping gases taking the biggest monetary hit.
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New study calculates climate change's economic bite will hit about $38 trillion a year by 2049A new study says 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 for heat-trapping gases taking the biggest monetary hit.
Source: AP - 🏆 728. / 51 Read more »

Climate Change Will Cost Global Economy $38 Trillion Every Year Within 25 Years, Scientists WarnI am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health.
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