Home > Uncategorized > Climate Change Reducing Global GDP by $1.2 Trillion – Businessweek

Climate Change Reducing Global GDP by $1.2 Trillion – Businessweek

September 27, 2012 Leave a comment Go to comments

Climate change and pollution related to carbon-dioxide emissions are reducing the world’s gross domestic product by 1.6 percent a year, about $1.2 trillion, according to a report.

If unchecked, rising temperatures may cut global GDP by 3.2 percent a year by 2030, according to the Climate Vulnerability Monitor, from by the Madrid-based humanitarian group DARA and the Climate Vulnerable Forum.

As the economic impact of climate change grows, so will the cost of curbing it, according to leaders of developing nations who spoke at an event in New York today.

“What is possible with $100 billion today, will cost ten times more in 2030,” Bangladesh Prime Minister Sheikh Hasina Wajed said during the panel discussion, part of the Climate Week NYC conference. Her country is part of the Climate Vulnerable Forum, a group of developing nations threatened by climate change.

A warming planet will have a disproportionate effect on developing countries, especially low-income states such as Bangladesh that have high population density and fewer natural resources. Low-lying coastal regions also face the prospect of being submerged as the oceans rise, she said.

This will affect food production and drive up prices, she said. Climate change may cut GDP in some developing nations by as much as 11 percent by 2030.

Those losses far exceed the cost of reducing emissions, which the report estimated at about 0.5 percent of GDP over the next decade.

via Climate Change Reducing Global GDP by $1.2 Trillion – Businessweek.

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