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The consequences of the climate crisis are becoming expensive.
Air traffic contributes to further global warming.
Photo: Taro Hama / Getty Images
The climate crisis is causing costs that the global community has to bear.
And according to a new study, these costs could be up to six times higher than previously assumed.
Researchers from European and US universities have published this study in the journal
Environmental Research Letters
.
Specifically, the calculation shows that the global gross domestic product, i.e. the total value of all goods, goods and services, will decrease by 37 percent within the century - due to climate change.
Earlier studies expected losses of around six percent by the year 2100. This was also based on the assumption that the effects of climate change such as fires, floods and droughts would not permanently impair economic growth.
In the meantime, however, many economists consider it unlikely that national economies will be able to recover quickly from extreme weather events and the associated damage to infrastructure.
There is "more and more evidence to the contrary," say the scientists involved.
When it gets too hot, labor productivity drops
According to the new study, higher temperatures could also have a negative impact on economic growth because they could lead to lower labor productivity.
Taking this effect into account, the paper puts the damage caused per tonne of carbon dioxide emitted into the atmosphere at more than $ 3,000.
This would be a multiple of the price per ton in EU emissions trading, which is currently around 60 euros.
Incidentally, one ton of CO₂ is less than the emissions caused by a long-haul flight from London to New York City and back.
"The results show that it is cheaper to reduce greenhouse gas emissions than to cope with the consequences of climate change," said researcher Paul Waidelich, who was involved in the study.
The authors of the study admitted the difficulty of precisely quantifying the costs of climate change. According to the study, the forecast value of 37 percent is an average value that results from considering different scenarios. The scenarios assumed losses between six and 51 percent.
"Climate change makes harmful events like the recent heat wave in North America and the floods in Europe much more likely," said researcher Chris Brierley of University College London.
“We need to understand better how the climate affects economic growth.
But even if the long-term impact is small, reducing emissions is becoming more and more urgent. "Every human being's emissions could cost mankind in excess of $ 1,300 a year, he said.
If you factor in the impact of climate change on economic growth, the cost could soar to over $ 15,000.
vki / AFP
