Combating climate change will incur $6 trillion expense by 2050: Study
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New York: Alongside the extreme weather events it causes, climate change will lead to 19 per cent decline in global income by 2050, NDTV reported a citing a study published in Nature.
Individuals like governments and corporations are likely to face the financial burden stemming from the impact of changing weather patterns.
The study stresses the importance of a climate action and points out that immediate efforts won't ‘prevent some short-term economic pain’.
Maximilian Kotz and Leonie Wenz, researchers from Potsdam Institute of Climate Impact Research, told CNN ‘These impacts are unavoidable in the sense that they are indistinguishable across different future emission scenarios until 2049’.
However, researchers said that the immediate action to tackle the situation could reduce long-term losses.
The fallout of climate change on economic front will manifest in many forms, according Noah Diffenbaugh, a professor and environmental researcher at Stanford University, the report said citing CNN.
Where higher temperatures can impact agriculture, labour productivity and cognitive skills, extreme weather events are likely to cause ‘expensive property repairs.’
A discussion on climate change often surrounds mitigation efforts including reducing oil and gas usage, and also about developing the technology to capture carbon emissions from atmosphere.
Investing in greener technology, the study pointed out, is crucial but will not be enough to counteract short-term financial impact of the climate change.
More important, the study finds that the immediate economic consequences stemming from climate change surpasses the cost required to addressing the crisis.
It is also estimated adhering to the Paris Climate Agreement that combating climate change will cause a $6 trillion expense by 2050.
Alongside the climate-related economic damages could hit $38 trillion by that time.
