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.
Specifically, a 19% reduction in income is projected, even with immediate and drastic reductions in CO2 emissions. 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.
The projection of reductions in income of 19% may appear large. But it arises owing to the fact that projected changes in climatic conditions are much larger than those that were experienced historically, particularly for changes in average temperature, the study titled ‘The economic commitment of climate change,’ says.
Conducted by researchers at the Potsdam Institute for Climate Impact Research (PIK), the study utilised empirical data from over 1,600 subnational regions worldwide spanning four decades to arrive at their projections on economic damages.
The study compares the committed climate damages to estimates of mitigation costs needed to achieve the goals of the Paris Agreement.