(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 19. The global economicincome could fall by 19 percent by 2050 due to climate change, thePotsdam Institute for Climate Impact Research (PIK) said, Trend reports.
"Because of the kind of climate change that exists in the world,the world economy is already committed to a 19 percent decline inincome by 2050. Each year, incomes could decline by more than$20–$30 trillion," the new research from PIK reads.
According to the authors of the study, based on empirical datafrom more than 1,600 regions of the world, this projected economicloss is six times the cost of climate change mitigation needed tolimit global warming to 2 degrees Celsius.
"Strong declines in income are projected in most regions of theworld, including North America and Europe. The decline in globaleconomic income is linked to the impact of climate change onvarious aspects relevant to economic growth, such as agriculturalyields, labor productivity, or infrastructure performance," one ofthe authors of the research, Maximilian Kotz, believes.
He urges the countries of the world to take immediate measuresto reduce greenhouse gas emissions into the atmosphere to minimizethe economic damage to the development of the global economy.
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