However, they say immediate actions to reduce climate change could stem some losses in the longer term.
Noah Diffenbaugh, a professor and environmental researcher at Stanford University, said the economic damage from climate change will take different shapes.
Researchers estimated it would cost the global economy $6 trillion by 2050 to comply with the Paris Climate Agreement—the international agreement among nearly 200 nations to tackle climate change—compared to the study’s estimated $38 trillion economic damage due to climate change.
“That’s what’s likely to happen from the global warming that’s already occurred and what’s likely to happen even for small increments of global warming.”The Nature study estimated the economic damage of different regions.
The ICF paper said price hikes on essential elements of the cost of living in the US will add up due to climate change.
Persons:
–, Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh, It’s, Wenz, Bernardo Bastien, Bastien, ” Bastien, “, ”, “ That’s, what’s, won’t
Organizations:
CNN, United Nations, Potsdam, Climate, Stanford University, Scripps Institute of Oceanography, University of California
Locations:
Nature, Paris, University of California San Diego, California, North America, Europe, South Asia, Africa, United States