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Poor and Rich Face Economic Loss as World Warms

Yet another study predicts economic loss as the world gets hotter.  And the richer nations will also feel the pain.

Canada is likely to be hard-hit if the world presses on with business as usual. (Image Credit: Michelle Spollen on Unsplash) Click to Enlarge.

By the close of the century, the United States could be more than 10% poorer, thanks to the economic loss that climate change will impose.

There is bad news too for Japan, India, and New Zealand, which will also be 10% worse off in a world that could be 3°C hotter than any temperatures experienced since humans began to build cities, civilizations and complex economies.

And the news is even worse for Canada, a northern and Arctic nation that could reasonably have expected some things to improve as the thermometer rose:  under a “business as usual” scenario in which nations go on burning fossil fuels at ever increasing rates, the Canadian economy could shrink by 13%.

A new study by the US National Bureau of Economic Research in Cambridge, Massachusetts, warns that overall the global economy will shrink by 7%, unless the world’s nations meet the target they set themselves at an historic meeting in Paris in 2015, when they agreed an ambition to keep global warming to no more than 2°C above the levels maintained until the Industrial Revolution.

Read more at Poor and Rich Face Economic Loss as World Warms