"Global economy at risk from climate change" - According to the report, natural disasters could halve economic growth
Global economic growth could fall by 50% between 2070 and 2090 from the catastrophic impacts of climate change unless immediate action is taken by political leaders, according to a new report.
The warning from experts at the Institute and Faculty of Actuaries significantly increases the risk to global economic well-being from the impacts of climate change such as fires, floods, droughts and rising temperatures.
The report was released after data from the EU's Copernicus Climate Change Service (C3S) showed that climate deterioration took the annual global temperature above the agreed 1.5 degrees Celsius target for the first time in 2024, adding to extreme weather.
Without urgent action to accelerate decarbonization, the worst hit to global economies would be 50% in the two decades before 2090, the report said.
At 3 degrees Celsius or more of global warming by 2050, there could be more than 4 billion deaths, significant sociopolitical fragmentation worldwide, and state failure, with rapid, sustained, and significant capital losses.
Economic forecasts, which estimate that the damage from global warming would be up to 2% of global economic output for a 3 degree Celsius increase in average global surface temperature, were inaccurate and were blinding political leaders to the risks of their policies.
The report says climate risk assessments were flawed, as they ignored the expected severe effects of climate change such as tipping points, sea temperature increases, migration and conflicts as a result of global warming.
The analysis criticizes the dominant economic theory used by governments in the developed world, which focuses on what people can take from the planet to improve their lives, and fails to take into account the real risks of nature degradation to societies and economies.
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