Average World Incomes To Drop By Nearly a Fifth By 2050, Study Says

Average incomes will fall by almost a fifth within the next 26 years as a result of the climate crisis, according to a study that predicts the costs of damage will be six times higher than the price of limiting global heating to 2C. From a report: Rising temperatures, heavier rainfall and more frequent and intense extreme weather are projected to cause $38tn of destruction each year by mid-century, according to the research, which is the most comprehensive analysis of its type ever undertaken, and whose findings are published in the journal Nature. The hefty toll -- which is far higher than previous estimates -- is already locked into the world economy over the coming decades as a result of the enormous emissions that have been pumped into the atmosphere through the burning of gas, oil, coal and trees. This will inflict crippling losses on almost every country, with a disproportionately severe impact on those least responsible for climate disruption, further worsening inequality. The paper says the permanent average loss of income worldwide will be 19% by 2049. In the United States and Europe the reduction will be about 11%, while in Africa and south Asia it will be 22%, with some individual countries much higher than this. "It's devastating," said Leonie Wenz, a scientist at the Potsdam Institute for Climate Impact Research and one of the authors of the study. "I am used to my work not having a nice societal outcome, but I was surprised by how big the damages were. The inequality dimension was really shocking."

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