4.9 C
Saturday, April 1, 2023

Climate change will cost more than the pandemic – What Swiss Re research shows

Must read

Climate change will cost more than the pandemic - What Swiss Re research shows

The richest countries in the world are expected to face trillions of dollars in economic losses if they do not take drastic measures to curb climate change, the charity Oxfam announced on Monday, citing an investigation by the insurance company Swiss Re.

According to the report, the G7 economies – Germany, France, Italy, Japan, Canada, the United Kingdom and the United States – could see annual average losses of up to 8.5% of GDP by 2050, if CO2 emissions are not reduced. .

Total losses could reach $ 4.8 trillion (€ 3.95 trillion) a year, twice the pandemic-induced GDP loss.

What did the report reveal?

The Swiss reinsurance giant's report examines how different aspects of climate change, such as heatwaves, rising sea levels and agricultural land degradation, could affect economic activity in 48 countries.

Although the report concludes that richer countries will be severely affected by the effects of climate change, for poorer countries the situation will be even worse.

For the Philippines in particular, it estimates it could lose 35% of its GDP, while India could see its economic activity shrink by 27%.

Billions of people in extreme poverty

Oxfam added that 32 – 132 billion people could be pushed to extreme poverty by 2030 due to climate change, citing a recent World Bank report.

Oxfam called on G7 leaders to immediately increase commitments to reduce carbon dioxide emissions.

The charity also called on the G7 countries to honor their commitment to provide $ 100 billion a year to help the poorest countries cope with the effects of climate change.

“The economic turmoil projected in rich G7 countries is just the tip of the iceberg: many poorer parts of the world will see increasing deaths, hunger and poverty as a result of extreme weather. “This year could be a turning point if governments realize the challenge of creating a safer, more sustainable planet for all,” said Mark Lawson, of the organization.


Source: politis.com.cy

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article