Climate change already reducing global GDP: report
1 year ago

Climate change already reducing global GDP: report

The Hindu  

Climate change is already shaving billions off the world's economy, with developing countries hardest hit, according to a new report published Tuesday ahead of COP28 climate negotiations. The report by the University of Delaware estimated that impacts from human-caused climate change cut 6.3% from global economic output last year, when weighted across populations. "The world is trillions of dollars poorer because of climate change and most of that burden has fallen on poor countries," said lead author James Rising of the University of Delaware. At last year's COP27 talks in Egypt, nations agreed to set up a dedicated fund to help vulnerable countries cope with "loss and damage" from climate disasters and extreme weather.

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Climate change is now a real and pressing economic threat
1 day, 13 hours ago

Climate change is now a real and pressing economic threat

Live Mint  

New Delhi: Climate change is no longer just affecting lives. “We must reduce emissions because a country like India needs a stable climate to ensure growth. Cross-border tariffs Climate change may disrupt global trade and economic development around as developed economies in the European Union are coming up with measures like the Carbon Border Adjustment Mechanism, a policy tool to …

A shadow ‘financial crisis’ has cost the world $2 trillion
1 month, 2 weeks ago

A shadow ‘financial crisis’ has cost the world $2 trillion

CNN  

CNN — Last month, two major storms, Hurricane Helene and Hurricane Milton, caused a total of between $51.5 billion and $81.5 billion of property damage, mostly to Southeastern US states, according to estimates from CoreLogic. The report from the International Chamber of Commerce, which comes as the United Nations Climate Change Conference begins in Azerbaijan this week, estimated that the …

Climate change could slash global income by 19%
7 months, 3 weeks ago

Climate change could slash global income by 19%

New Indian Express  

VIZAG: The global economy cannot avoid a reduction in its income by 2025 irrespective of how it deals with future emissions, a recent study has established. This reduction is six times larger than the costs required to limit global warming to 2°C under the Paris Climate Agreement, the study published in the journal Nature said. But it arises owing to …

New study calculates climate change’s economic bite will hit about $38 trillion a year by 2049
8 months, 1 week ago

New study calculates climate change’s economic bite will hit about $38 trillion a year by 2049

Associated Press  

Climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world that’s not warming, with the poorest areas and those least responsible for heating the atmosphere taking the biggest monetary hit, a new study said. “Our analysis shows that climate change will cause massive economic damages within the next 25 years …

Countries promise millions for damages from climate change. So how would that work?
1 year ago

Countries promise millions for damages from climate change. So how would that work?

NPR  

Countries promise millions for damages from climate change. Enlarge this image toggle caption Spencer Platt/Getty Images Spencer Platt/Getty Images As climate change negotiations kicked off in Dubai, countries reached a historic agreement for a new fund to help developing countries which bear the brunt of climate impacts. More than $400 million was announced, with the largest pledges coming from Germany …

Climate change’s $150 billion hit to the US economy
1 year, 1 month ago

Climate change’s $150 billion hit to the US economy

Live Mint  

The U.S. now experiences an extreme weather event in which damages and costs top $1 billion every three weeks. Other economic consequences of climate change will become more severe unless the country invests more in clean energy and adapts cities to higher temperatures and rising sea levels, according to the assessment. “While some economic impacts of climate change are already …

Worsening warming is hurting people in all regions, US climate assessment shows
1 year, 1 month ago

Worsening warming is hurting people in all regions, US climate assessment shows

Associated Press  

Revved-up climate change now permeates Americans’ daily lives with harm that is “already far-reaching and worsening across every region of the United States,” a massive new government report says. With heat waves, drought, wildfire and heavy downpours, “we are seeing an acceleration of the impacts of climate change in the United States,” said study co-author Zeke Hausfather of the tech …

Absolute decoupling yet to happen between carbon emission, GDP growth globally, says RBI deputy governor
1 year, 1 month ago

Absolute decoupling yet to happen between carbon emission, GDP growth globally, says RBI deputy governor

The Hindu  

While the growing recognition of the adverse effects of climate change had led to some recent actions that were weakening the correlation between carbon emissions and GDP growth globally, an absolute decoupling was yet to happen, Michael Debabrata Patra, deputy governor, Reserve Bank of India said at the New York Fed Central Banking Seminar organised by the Federal Reserve Bank, …

Africa endures more severe warming than elsewhere, posing risk of conflict
1 year, 3 months ago

Africa endures more severe warming than elsewhere, posing risk of conflict

The Hindu  

Africa is heating up at a faster rate than the rest of the planet and enduring more severe climate and weather disasters such as droughts, a joint U.N.-African Union report said on Monday, warning that climate change could stoke conflict over resources. "Africa is responsible for only a fraction of global greenhouse gas emissions but is suffering disproportionately from climate …

Economists urge China to think 'beyond GDP' to head off climate risks
1 year, 10 months ago

Economists urge China to think 'beyond GDP' to head off climate risks

India Today  

A team of influential economists has urged China to adopt a new development model based on "wellbeing" rather than GDP growth in order to fulfil its 2060 net-zero emissions goals and head off the mounting threats of climate change. In a report published on Thursday, the team - which includes two former chief economists of the World Bank - also …

Climate crisis to shrink GDP of vulnerable nations 20% by 2050
3 years, 1 month ago

Climate crisis to shrink GDP of vulnerable nations 20% by 2050

The Independent  

The economies of some of he world’s most vulnerable countries could suffer huge losses even if we keep global warming under 1.5 degrees Celsius, a report has warned. It found that most vulnerable countries could suffer an average 64 percent hit to their economy by 2100 under current climate policies The study also suggests countries could see their GDP reduced …

World needs $5 trillion in annual climate finance by 2030 for rapid action
3 years, 1 month ago

World needs $5 trillion in annual climate finance by 2030 for rapid action

India Today  

Climate finance needs to rise sharply to $5 trillion a year globally by 2030 to fund measures to fight climate change, researchers said on Thursday, warning that transformation across economies is too slow to meet international temperature goals. "Although there are some encouraging signs of progress in a few sectors, overall global climate mitigation efforts are still falling woefully short," …

Nations are making new pledges to cut climate pollution. They aren't enough
3 years, 1 month ago

Nations are making new pledges to cut climate pollution. They aren't enough

NPR  

Nations are making new pledges to cut climate pollution. They aren't enough Enlarge this image toggle caption HECTOR RETAMAL/AFP via Getty Images HECTOR RETAMAL/AFP via Getty Images Many countries have agreed to stronger limits on greenhouse gas emissions in the lead-up to international climate talks next week, a crucial step in avoiding catastrophic storms, floods and droughts. But those pledges …

Africa’s rare glaciers to soon disappear, says climate report
3 years, 2 months ago

Africa’s rare glaciers to soon disappear, says climate report

Live Mint  

Africa’s rare glaciers will disappear in the next two decades because of climate change, a new report warned Tuesday amid sweeping forecasts of pain for the continent that contributes least to global warming but will suffer from it most. The report from the World Meteorological Organization and other agencies, released ahead of the U.N. climate conference in Scotland that starts …

Africa actually has a few glaciers. But probably not for much longer
3 years, 2 months ago

Africa actually has a few glaciers. But probably not for much longer

LA Times  

Africa’s rare glaciers will disappear in the next two decades because of climate change, a new report has warned, amid sweeping forecasts of pain for the inhabited continent that contributes least to global warming but that will likely suffer from it most. The report Tuesday by the World Meteorological Organization and other agencies, released ahead of the United Nations climate …

The climate crisis is seriously spooking economists
3 years, 8 months ago

The climate crisis is seriously spooking economists

CNN  

New York CNN — Worsening inequality, trillions of dollars in economic damage and depressed economic growth. With those floods, wildfires and hurricanes occurring more frequently, the financial toll from the climate crisis is expected to rise dramatically: Economic damage from climate change is projected to reach $1.7 trillion per year by 2025 and surge to roughly $30 trillion annually by …

Climate Change Since 2000 Will Cut US Growth Over Next 30 Years, Study
4 years, 3 months ago

Climate Change Since 2000 Will Cut US Growth Over Next 30 Years, Study

News 18  

The effects of climate change since 2000 will slow US economic growth slightly over the next 30 years, adding another drag on an economy that will struggle to rebound from the coronavirus pandemic, the Congressional Budget Office said on Monday. It projected that on net, climate change will reduce real U.S. GDP by an average of 0.03% annually from 2020 …

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