Energy shift could cut USD75T off international GDP| MENAFN.COM

Saturday, 28 May 2022 07:28 GMT

Energy shift could cut USD75T off international GDP

(MENAFN) The rapid energy shifts to reduce climate change issues will have legitimate economic consequences, there’s a possibility that between 2022 and 2050, nations aiming to achieve their climate pledges might cut USD75 trillion off international gross domestic product (GDP).

According to Wood Mackenzie's latest analysis on the economic effects of energy shift, the world's economy is going to be twice the size of the real terms by mid-century, growing to USD169 trillion from today’s USD85.6 trillion.

Temperatures are expected to rise by 2.5-2.7°C over pre-industrial levels by mid-century, according to the study firm's standard case scenario. However, in order to keep global warming to 1.5°C, as pledged in Paris, the energy shift will have to speed up.


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