According to Adrian Bilal, a Harvard economist and co-author of the study, by 2100, people could be up to 50 percent poorer than they would have been without climate change. The study also calculated that the social cost of carbon dioxide was $1,056 per ton, much higher than the US Environmental Protection Agency's estimate of $190 per ton, the study said. guardian.
The study's approach differs from previous research in that it analyzes the economic costs of climate change not on a country-by-country basis, but on a global level. This approach captures the interconnected nature of climate impacts, such as heat waves, storms, and floods, which damage crop productivity, reduce worker productivity, and reduce capital investment.
The most important sustainability issues and the biggest risks of the climate crisis will be discussed in detail at our conference.
The research also concludes that the economic impact of the climate crisis will be surprising even around the world, with countries starting with the lowest income levels in terms of wealth.
Based on current data, a 1°C rise in global temperature would result in a 12% decrease in global GDP.
This would encourage rich countries to take the necessary steps to achieve their economic interest by reducing emissions that heat the planet, and helping developing countries mitigate the damage.
Even with sharp declines in emissions, climate change imposes serious economic costs: a 15% drop in GDP would occur even if global warming exceeds 1.5°C by the end of this century. The study's findings follow separate research published last month that predicted average incomes would fall by about a fifth over the next 26 years compared to what they would be without the climate crisis.
COVER PHOTO: A man watches flames approach a rooftop as the Springs Fire continues to burn on May 3, 2013 near Camarillo, California. Image source: David McNew/Getty Images
