Study suggests that 7% of global GDP will disappear by 2100 as a result of business-as-usual carbon emissions – including over 10% of incomes in both Canada and the United States.
Prevailing economic research anticipates the burden of climate change falling on hot or poor nations. Some predict that cooler or wealthier economies will be unaffected or even see benefits from higher temperatures.
However, a new study co-authored by researchers from the University of Cambridge suggests that virtually all countries – whether rich or poor, hot or cold – will suffer economically by 2100 if the current trajectory of carbon emissions is maintained.
In fact, the research published on Monday by the National Bureau of Economic Research suggests that – on average – richer, colder countries would lose as much income to climate change as poorer, hotter nations.
Under a “business as usual” emissions scenario, average global temperatures are projected to rise over four degrees Celsius by the end of the century. This would cause the United States to lose 10.5% of its GDP by 2100 – a substantial economic hit, say researchers.
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Image via NPS Climate Change Response