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

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 that’s not warming. FILE - A man buys a cool drink from a roadside vendor on a sunny day in Mahawewa, a village north of Colombo, Sri Lanka, Feb. 29, 2024.

“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 washas not had a month cooler than 20th century average since February 1979.

The study shows that the economic harms over the next 25 years are locked in with emission cuts producing only small changes in the income reduction. But in the second half of this century that’s when two different possible futures are simulated, showing that cutting carbon emissions now really pays off because of how the heat-trapping gases accumulate, 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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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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