Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Local sources: The Israeli force, which crossed into southern rural Damascus, has reached the town of Qatana, located just 10 kilometers from the Syrian capital
Local sources: An Israeli ground unit, comprising more than 15 military and armored vehicles, carried out an incursion into southern rural Damascus from the occupied Syrian Golan
Belgian court orders regional government to stop military exports to Israel, Belga reports
Latin Patriarchate in occupied al-Quds: The Holy Family Church in Gaza was subjected to Israeli shelling, resulting in injuries, including Father Gabriele Romanelli
Al Mayadeen’s correspondent in France: Georges Abdallah’s lawyer has officially informed him of the court’s decision granting his release
Al Mayadeen's correspondent in South Lebanon: One was martyred in a raid that targeted the town of Kfour, Nabatieh District
Al Mayadeen's correspondent in South Lebanon: One was martyred in an Israeli drone strike that targeted a truck in the town of Naqoura
Defense Attorney: Lebanese activist George Ibrahim Abdallah will be released on July 25
Georges Abdallah's defense attorney: The decision to release Lebanese activist Georges Ibrahim Abdallah will be issued in a few minutes
The French judiciary decided to release Lebanese activist Georges Ibrahim Abdallah after 41 years of detention

Economic damage from climate catastrophe 6x worse than thought

  • By Al Mayadeen English
  • Source: Agencies
  • 18 May 2024 09:29
  • 1 Shares
4 Min Read

A research paper reveals that the economic damage will be almost uniform around the world, starting with lower-income countries at a lower point in wealth, which should instigate wealthy countries like the US to reduce planet-heating emissions in their own economic interest.

  • x
  • A farmer walks on a lake that has dried up due to drought outside Beed, India, Saturday, May 4, 2024. (AP)
    A farmer walks on a lake that has dried up due to drought outside Beed, India, Saturday, May 4, 2024. (AP)

Just a 1°C jump in global temperatures causes a 12% decline in the world’s GDP, new research warns, while many climate scientists are forecasting a 3°C increase will take place by the end of this century due to the continuous burning of fossil fuels.

A new working paper by researchers reveals that a 3°C temperature increase will bring “precipitous declines in output, capital and consumption that exceed 50% by 2100,” which is so severe that it is “comparable to the economic damage caused by fighting a war domestically and permanently”.

Adrien Bilal, an economist at Harvard who wrote the paper with Diego Känzig, an economist at Northwestern University, said, “There will still be some economic growth happening, but by the end of the century people may well be 50% poorer than they would’ve been if it wasn’t for climate change.”

He added, “I think everyone could imagine what they would do with an income that is twice as large as it is now. It would change people’s lives.”

Read next: Rich nations owe poor countries $192 tln for climate crisis: Study

According to Bilal, purchasing power would already skyrocket to 37% higher than it is now without global heating seen over the past 50 years.

Related News

Falling birth rates threaten living standards in rich nations: FT

Russia's GDP increases 5% in 5 months despite 'outside' interference

“Let’s be clear that the comparison to war is only in terms of consumption and GDP – all the suffering and death of war is the important thing and isn’t included in this analysis,” he said, adding, “The comparison may seem shocking, but in terms of pure GDP there is an analogy there. It’s a worrying thought.”

Better safe than stormy 

Bilal believes that having a more “holistic” approach by examining it on a global scale, rather than on an individual country basis, demonstrates the interconnected nature of the impact of heatwaves, storms, floods, and more climate impacts that damage crop yields, diminish worker productivity and reduce capital investment.

Gernot Wagner, a climate economist at Columbia University who wasn’t involved in the work, stated, “They have taken a step back and linking local impacts with global temperatures,” noting that “If the results hold up, and I have no reason to believe they wouldn’t, they will make a massive difference in the overall climate damage estimates.”

The research paper revealed that the economic damage will be almost uniform around the world, albeit with lower-income countries starting at a lower point in wealth, which should instigate wealthy countries like the US to reduce planet-heating emissions in its own economic interest.

For example, climate change could cost Germany about one trillion euros by 2050, according to a government-commissioned study published last year. 

The paper comes after the release of another research last month, which showed that average incomes will plunge by almost a fifth within the next 26 years, while rising temperatures, heavier rainfall, and more frequent extreme weather are expected to cause $38tn of destruction each year by mid-century.

While the influence of global warming on heavier rainfall is not consistently evident, warmer air can hold more moisture, potentially leading to more intense storms. However, the interplay of intricate climatic shifts can affect the availability of water for precipitation.

“Unmitigated climate change is a lot more costly than doing something about it, that is clear,” said Wagner.

  • GDP
  • Environment
  • Climate change
  • economic impact

Most Read

An Israeli soldier abandons an excavator during an ambush by al-Qassam Brigades. Arabic text reads "The moment the soldier fled", July, 10, 2025 (Al Qassam Military Media)

Israeli media rue al-Qassam footage, alarmed by fighters among troops

  • Politics
  • 11 Jul 2025
This satellite image from Planet Labs PBC shows damage after an Iranian attack at the al Udeid Airbase outside of Doha, Qatar, June 25, 2025 (Planet Labs PBC via AP)

Satellite images show Iran attack damaged US comms dome in Qatari base

  • Politics
  • 11 Jul 2025
Algerian nurse stabbed in Germany

Murder of Algerian nurse in Germany sparks outcry, demands for justice

  • Europe
  • 14 Jul 2025
Credible reports, including some from Israeli media itself, indicate that Tel Aviv had pinned its hopes on what can only be described as a delusional plan. (Al Mayadeen English; Illustrated by Batoul Chamas)

Jebraily: Iran strikes rewrote regional deterrence rules - Exclusive

  • MENA
  • 15 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
George Abdallah: Europe's longest-held political prisoner to be freed
Politics

George Abdallah: Europe's longest-held political prisoner to be freed

A still from the video released by al-Qassam Brigades, which reads, "Captivity is better than death", on July 17, 2025 (Al-Qassam Brigades Military Media)
Politics

Al-Qassam releases video warning Israelis: Captivity better than death

Georges Abdallah attends his trial in Lyon on July 3, 1986 (Social Media)
Politics

'A symbol for every prisoner': Hezbollah hails Georges Abdallah

Plume of smoke rise following an Israeli airstrike on the southern Lebanese town of Qabrikha, July 17, 2025 (Social media)
Politics

'Israel' kills mother, father, injures 10-year-old daughter in Lebanon

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS