Climate crisis to shrink G7 economies twice as much as Covid-19, says research

(The Guardian, 7 Jun 2021) G7 countries will lose $5tn a year by 2050 if temperatures rise by 2.6C.

The economies of rich countries will shrink by twice as much as they did in the Covid-19 crisis if they fail to tackle rising greenhouse gas emissions, according to research.

The G7 countries – the world’s biggest industrialised economies – will lose 8.5% of GDP a year, or nearly $5tn wiped off their economies, within 30 years if temperatures rise by 2.6C, as they are likely to on the basis of government pledges and policies around the world, according to research from Oxfam and the Swiss Re Institute.

The economies of G7 nations contracted by about 4.2% on average in the coronavirus pandemic, and the economic losses from the climate crisis by 2050 would be roughly on the scale of suffering a similar crisis twice every year, according to the research. The UK’s economy would lose 6.5% a year by 2050 on current policies and projections, compared with 2.4% if the goals of the Paris climate agreement are met.

Other nations will be hit much worse, including India, whose economy will shrink by a quarter owing to a 2.6C temperature increase, while Australia will suffer a loss of 12.5% of output, and South Korea will lose nearly a tenth of its economic potential.

External link

The Guardian, 7 Jun 2021: Climate crisis to shrink G7 economies twice as much as Covid-19, says research

More Related News

Climate crisis

23 Apr 2024: South Korean court hears children's climate change case against government

23 Apr 2024: ‘Children won’t be able to survive’: inter-American court to hear from climate victims

16 Apr 2024: Jail for holding a placard? Protest over the climate crisis is being brutally suppressed

15 Apr 2024: ‘Grownup’ leaders are pushing us towards catastrophe, says former US climate chief

9 Apr 2024: Human rights violated by inaction on climate, ECHR rules in landmark case

9 Apr 2024: Tenth consecutive monthly heat record alarms and confounds climate scientists

5 Apr 2024: Should big oil be tried for homicide?

19 Mar 2024: Reading the ruins of Amazon fires, scientists see crisis ahead

19 Mar 2024: Court ruling erodes climate activists’ ability to defend themselves – as the planet heats up

12 Mar 2024: Swedish police forcibly remove Greta Thunberg from parliament entrance

8 Mar 2024: ‘Insure Our Future': A global movement says the insurance industry could be the key to ending fossil fuels