Record-breaking heat waves, severe floods and acute wildfires, exacerbated by climate change, carry a colossal price tag: an approximately 19% reduction in global income over just the next 26 years, a new study published Wednesday found. That financial gut punch won’t just affect big governments and corporations.
“When you turn off electrical grids, you’re turning off industry and you’re turning off a lot of households that use electricity for their well-being,” Bastien said. “It’s very costly but very necessary.” And while the study concludes some economic damage is guaranteed before 2049, its authors argue that benefits from curbing climate change could emerge a few decades down the line.
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