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Climate Change Predicted to Reduce Global Income by 19% by 2050, Study Finds

Summary

Samantha Delouya reports on a new study published in Nature revealing that climate change-induced extreme weather events could lead to a substantial reduction of approximately 19% in global income by 2050. The financial repercussions are expected to impact individuals significantly, with a projected nearly 3-degree increase in global warming within the next century. Despite ongoing climate policies and goals, researchers warn of inevitable short-term financial losses, including damage to property, agriculture, labor productivity, and cognitive ability. The study emphasizes the urgency of immediate actions to mitigate climate change, suggesting that the short-term economic damage already outweighs the cost of addressing the crisis. However, researchers also highlight the potential benefits of adaptation strategies and emphasize the disproportionate impact of climate change on poorer regions, with North America and Europe projected to experience a lower income reduction compared to South Asia and Africa.

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