In a stark revelation just ahead of COP28, a report from University of DelawareGerard J. Mango Climate change The Science & Policy Hub highlights the real economic harms of climate change, with developing countries bearing the brunt of the brunt. Published under the titleloss and damage today: How climate change is affecting production and capital,” the report highlights the complex web of global economic losses caused by climate change.
Globally, climate change has put a burden on the population GDP loss Of 6.3% in 2022. unweighted percentage of global Gross Domestic Product The estimated loss is 1.8%, equivalent to approximately $1.5 trillion. This discrepancy underlines the disproportionate impact, which is concentrated in low-income countries and tropical regions, where populations are dense and GDP is scarce.
The report singles out India, revealing an 8% GDP loss in 2022 compared to a hypothetical world without climate change. Over the same period, India has seen a cumulative decline of 7.9% in capital wealth, largely due to climate impacts on man-made capital such as infrastructure. Total economic loss in the 30 years since Rio Convention A staggering $3555 billion.
Dr. James Rising, author of the study and assistant professor at the University of Delaware, emphasizes the urgent need for support to address the challenges facing countries grappling with the economic fallout from climate change. He says, “Climate change has left the world trillions of dollars poorer, and much of the burden has fallen on poor countries. I hope this information can clarify the challenges that many countries are already facing today.” and the support they urgently need.”
The report also highlights widening global inequalities, with high-income countries currently experiencing net GDP gains, largely due to reduced winter cold. However, as the planet continues to warm, these benefits are expected to diminish, with the adverse effects of warmer summers outweighing the benefits of milder winters.
The analysis, based on 58 economic models and using machine learning, presents the “best estimate” of current GDP and capital wealth losses from climate change. This highlights the complex dynamics between climate change, economic outcomes and capital investment. Low- and middle-income countries face a massive capital loss of $2.1 trillion, posing long-term challenges to their economic resilience and development.
When GDP and capital deficits are combined, the analysis shows that low- and middle-income countries have lost a staggering $21 trillion since the Rio Convention was adopted in 1992. Notably, all UNFCCC party groups except the European Union suffered losses. Total losses suffered, with the G-77 suffering the largest loss of $29 trillion. The report considers these estimates to be conservative, as some impact channels and non-market losses are excluded from the analysis. As the world converges for COP28, the report is a reminder of the urgent need for global cooperation to address the economic consequences of climate change.
Globally, climate change has put a burden on the population GDP loss Of 6.3% in 2022. unweighted percentage of global Gross Domestic Product The estimated loss is 1.8%, equivalent to approximately $1.5 trillion. This discrepancy underlines the disproportionate impact, which is concentrated in low-income countries and tropical regions, where populations are dense and GDP is scarce.
The report singles out India, revealing an 8% GDP loss in 2022 compared to a hypothetical world without climate change. Over the same period, India has seen a cumulative decline of 7.9% in capital wealth, largely due to climate impacts on man-made capital such as infrastructure. Total economic loss in the 30 years since Rio Convention A staggering $3555 billion.
Dr. James Rising, author of the study and assistant professor at the University of Delaware, emphasizes the urgent need for support to address the challenges facing countries grappling with the economic fallout from climate change. He says, “Climate change has left the world trillions of dollars poorer, and much of the burden has fallen on poor countries. I hope this information can clarify the challenges that many countries are already facing today.” and the support they urgently need.”
The report also highlights widening global inequalities, with high-income countries currently experiencing net GDP gains, largely due to reduced winter cold. However, as the planet continues to warm, these benefits are expected to diminish, with the adverse effects of warmer summers outweighing the benefits of milder winters.
The analysis, based on 58 economic models and using machine learning, presents the “best estimate” of current GDP and capital wealth losses from climate change. This highlights the complex dynamics between climate change, economic outcomes and capital investment. Low- and middle-income countries face a massive capital loss of $2.1 trillion, posing long-term challenges to their economic resilience and development.
When GDP and capital deficits are combined, the analysis shows that low- and middle-income countries have lost a staggering $21 trillion since the Rio Convention was adopted in 1992. Notably, all UNFCCC party groups except the European Union suffered losses. Total losses suffered, with the G-77 suffering the largest loss of $29 trillion. The report considers these estimates to be conservative, as some impact channels and non-market losses are excluded from the analysis. As the world converges for COP28, the report is a reminder of the urgent need for global cooperation to address the economic consequences of climate change.
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