Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Climate Crisis Could Trim 10.5 Percent of GDP in 80 Years, Says New Study

Politics

Statue of liberty under attack illustration. Global warming, democracy and crisis concept.

TeamDAF / Getty Images Plus

The climate crisis is getting costly. Some of the world's largest companies expect to take over one trillion in losses due to climate change. Insurers are increasingly jittery and the world's largest firm has warned that the cost of premiums may soon be unaffordable for most people. Historic flooding has wiped out farmers in the Midwest.


Now, a new report, warns that the climate crisis will trigger massive global economic losses if greenhouse gas emissions are not drastically curtailed within the next few decades, as the Washington Post reported.

The working paper from the National Bureau of Economic Research found that no country in the world will be spared from the effects of the climate crisis and not a single country will see an economic benefit from it.

The study looked at 174 countries over 54 years and found that economic output is negatively effective by persistent changes. If global warming goes unchecked, the constant changes will reduce the world's gross domestic product (GDP) 7.2 percent by the year 2100. However, if the world were to adhere to the Paris climate agreement and keep temperatures from rising too much, the economic loss would be down to 1.07 percent by 2100.

The worst-off nations will be tropical countries short on economic and medical resources.

Industrialized nations will be hit hard if temperatures continue to rise at their current rate and are four degrees Celsius higher than preindustrial times by 2100, as they are predicted to be, the U.S. will lose 10.5 percent of its GDP.

"What our study suggests is that climate change is costly for all countries under the business as usual scenario (no matter whether they are hot or cold, rich or poor), and the United States will be one of the countries that will suffer the most (reflecting sharp increases in U.S. average temperatures by 2100)," said study co-author Kamiar Mohaddes, an economist at the University of Cambridge in the UK, via email to the Washington Post.

While Republicans have said the U.S. can innovate and manage its way around the climate crisis, the researchers were not convinced. They did not see any historical precedent that suggests a speedy adaptation will mitigate economic losses."

Overall, while climate change adaptation could reduce these negative long-run growth effects, it is highly unlikely to offset them entirely," the report said, which Politico reported. "The evidence appears to suggest that (at least for now) adaptation has had limited impact in dampening the negative effects of climate change in the United States."

Japan, India and New Zealand will lose 10 per cent of their income, the researchers said. And Canada would lose over 13 per cent of its income by 2100, as LiveMint reported.

"Canada is warming up twice as fast as rest of the world. There are risks to its physical infrastructure, coastal and northern communities, human health and wellness, ecosystems and fisheries -- all of which has a cost," said Mohaddes, as LiveMint reported.

"The UK recently had its hottest day on record. Train tracks buckled, roads melted, and thousands were stranded because it was out of the norm. Such events take an economic toll, and will only become more frequent and severe without policies to address the threats of climate change."

EcoWatch Daily Newsletter

Oregano oil is an extract that is not as strong as the essential oil, but appears to be useful both when consumed or applied to the skin. Peakpx / CC by 1.0

By Alexandra Rowles

Oregano is a fragrant herb that's best known as an ingredient in Italian food.

However, it can also be concentrated into an essential oil that's loaded with antioxidants and powerful compounds that have proven health benefits.

Read More Show Less
Brazilian President Jair Bolsonaro meets Ronaldo Caiado, governor of the state of Goiás on June 5, 2020. Palácio do Planalto / CC BY 2.0

Far-right Brazilian President Jair Bolsonaro, who has presided over the world's second worst coronavirus outbreak after the U.S., said Tuesday that he had tested positive for the virus.

Read More Show Less
Although natural gas produces fewer greenhouse gas emissions and other pollutants than coal or oil, it is a major contributor to climate change, an urgent global problem. Skitterphoto / PIxabay

By Emily Grubert

Natural gas is a versatile fossil fuel that accounts for about a third of U.S. energy use. Although it produces fewer greenhouse gas emissions and other pollutants than coal or oil, natural gas is a major contributor to climate change, an urgent global problem. Reducing emissions from the natural gas system is especially challenging because natural gas is used roughly equally for electricity, heating, and industrial applications.

Read More Show Less
The U.S. Environmental Protection Agency has approved two Lysol products as the first to effectively kill the novel coronavirus on surfaces, based on laboratory testing. Paul Hennessy / NurPhoto via Getty Images

The U.S. Environmental Protection Agency (EPA) recently issued a list of 431 products that are effective at killing viruses when they are on surfaces. Now, a good year for Lysol manufacturer Reckitt Benckiser just got better when the EPA said that two Lysol products are among the products that can kill the novel coronavirus that causes COVID-19.

Read More Show Less
U.S. Rep. Alexandria Ocasio-Cortez unveils the Green New Deal resolution in front of the U.S. Capitol on February 7, 2019 in Washington, DC. Alex Wong / Getty Images

By Judith Lewis Mernit

For all its posturing on climate change, the Democratic Party has long been weak on the actual policies we need to save us from extinction. President Barack Obama promised his presidency would mark "the moment when the rise of the oceans began to slow," and then embraced natural gas, a major driver of global temperature rise, as a "bridge fuel." Climate legislation passed in the House in 2009 would have allowed industries to buy credits to pollute, a practice known to concentrate toxic air in black and brown neighborhoods while doing little to cut emissions.

Read More Show Less
About 30,000 claims contending that Roundup caused non-Hodgkin's lymphoma are currently unsettled. Mike Mozart / CC BY 2.0

Bayer's $10 billion settlement to put an end to roughly 125,000 lawsuits against its popular weed killer Roundup, which contains glyphosate, hit a snag this week when a federal judge in San Francisco expressed skepticism over what rights future plaintiffs would have, as the San Francisco Chronicle reported.

Read More Show Less

Trending

Hundreds of sudden elephant deaths in Botswana aren't just a loss for the ecosystem and global conservation efforts. Mario Micklisch / Flickr / CC by 2.0

By Charli Shield

When an elephant dies in the wild, it's not uncommon to later find its bones scattered throughout the surrounding landscape.

Read More Show Less