Climate Crisis Could Trim 10.5 Percent of GDP in 80 Years, Says New Study
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.
Thanks @business for covering our new @nberpubs paper with @mattkahn1966 @JHU_Cities, Ryan Ng @GirtonCollege, M Has… https://t.co/dgInVojRxD— Kamiar Mohaddes (@Kamiar Mohaddes)1566229107.0
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."
I wonder whether President #Trump has any comments on this #FoxNews article on how #ClimateChange will shrink 'virt… https://t.co/VSNBcZ6PcF— Kamiar Mohaddes (@Kamiar Mohaddes)1566271642.0
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EcoWatch Daily Newsletter
By Loveday Wright and Stuart Braun
After a Japanese-owned oil tanker struck a reef off Mauritius on July 25, a prolonged period of inaction is threatening to become an ecological disaster.
<div id="bb0a7" class="rm-shortcode" data-rm-shortcode-id="e5aefc0fff61ab1aea2f4b03c5399864"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1291765757013983238" data-partner="rebelmouse"><div style="margin:1em 0">The #oilspill is devastating but I want to honour the community mobilisation at the Mahebourg waterfront today (to… https://t.co/UWFkZFdjdi</div> — Fabiola Monty (@Fabiola Monty)<a href="https://twitter.com/LFabiolaMonty/statuses/1291765757013983238">1596815930.0</a></blockquote></div><p>"Booms are made of nylon mesh filled with #sugarcane straws all hand-stitched by Mauritian volunteers, empty plastic bottles used as buoys," described Mauritian journalist Zeenat Hansrod in a tweet. </p>
How to Tackle Oil Spills<p>The method for tackling oil spills depends on several factors, including the type and amount of oil in question, location and weather conditions.</p><p>"Once the oil comes to shore, the more intensive the cleaning technique. You can risk causing further damage," said Nicky Cariglia, an independent consultant at Marittima, who specializes in marine pollution. </p><p>"If you wanted to remove all traces of oil, the techniques available become increasingly aggressive the less oil that remains. In mangroves, you would have the added risk of causing damage by trampling," Cariglia told DW. Highly sensitive mangrove ecosystems line the Mauritius east coast that is threatened by the current spill.</p><p>Because oil normally has a lower density than water, it floats on the surface of the ocean. This means that for clean-up action to be most effective, it should happen very quickly after a spill, before the oil disperses. </p>
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When Europeans first arrived in North America, Atlantic puffins were common on islands in the Gulf of Maine. But hunters killed many of the birds for food or for feathers to adorn ladies' hats. By the 1800s, the population in Maine had plummeted.
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In the coming days, the U.S. Environmental Protection Agency (EPA) is expected to use its power to roll back yet another Obama-era environmental protection meant to curb air pollution and slow the climate crisis.
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By Alex Kirby
The temperature of the Arctic matters to the entire world: it helps to keep the global climate fairly cool. Scientists now say that by 2035 there could be an end to Arctic sea ice.
Melt Ponds Crucial<p>"The prospect of loss of sea ice by 2035 should really be focusing all our minds on achieving a low-carbon world as soon as humanly feasible."</p><p><a href="http://www.reading.ac.uk/search/search-staff-details.aspx?id=10813" target="_blank">Dr. David Schroeder from the University of Reading</a>, UK, who co-led the implementation of the melt pond scheme in the climate model, says, "This shows just how important sea ice processes like melt ponds are in the Arctic, and why it is crucial that they are incorporated into climate models."</p><p>The extent of the areas <a href="https://nsidc.org/cryosphere/seaice/characteristics/formation.html" target="_blank">sea ice</a> covers varies between summer and winter. If more solar energy is absorbed at the surface, and temperatures rise further, a cycle of warming and melting occurs during summer months.</p><p>When the ice forms, the ocean water beneath becomes saltier and denser than the surrounding ocean. Saltier water sinks and moves along the ocean bottom towards the equator, while warm water from mid-depths to the surface travels from the equator towards the poles.</p><p>Scientists refer to this process as the ocean's global "conveyor-belt." Changes to the volume of sea ice can disrupt normal ocean circulation, with consequences for global climate. </p>
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