New study calculates climate change’s economic bite

Economy 09:17 22.04.2024

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, according to Ednews.

Climate change’s economic bite in how much people make is already locked in at about $38 trillion a year by 2049, according to Wednesday’s study in the journal Nature by researchers at Germany’s Potsdam Institute for Climate Impact Research. By 2100 the financial cost could hit twice what previous studies estimate.

These damages are compared to a baseline of no climate change and are then applied against overall expected global growth in gross domestic product, said study lead author Max Kotz, a climate scientist. So while it’s 19% globally less than it could have been with no climate change, in most places, income will still grow, just not as much because of warmer temperatures.

For the past dozen years, scientists and others have been focusing on extreme weather such as heat waves, floods, droughts, storms as the having the biggest climate impact. But when it comes to financial hit the researchers found “the overall impacts are still mainly driven by average warming, overall temperature increases,” Kotz said. It harms crops and hinders labor production, he said.

IEPF issued a statement regarding Azerbaijani children at the UN Human Rights Council

News line

Azerbaijan, Hungary explore interparliamentary ties
13:07 16.05.2025
Climate change is among FAO's priorities in Azerbaijan
12:33 16.05.2025
"Pashinyan's statement shows that Armenia not interested in sustainable peace"
12:27 16.05.2025
Baku hosts conference on "Implementation of artificial intelligence in agricultural practices"
12:17 16.05.2025
The next plenary Meeting of the spring session of the Milli Majlis is being held
12:04 16.05.2025
Azerbaijani oil price declines in global markets
11:57 16.05.2025
Ilham Aliyev met with the Presidents of the Council of the European Union
11:35 16.05.2025
Azerbaijani and Belarusian military medical specialists meet in Baku
11:28 16.05.2025
President Approves Medal for Emergency Ministry’s 20th Year
11:27 16.05.2025
A national textbook on piano is being prepared for the first time in Azerbaijan
11:13 16.05.2025
Azerbaijan, Türkiye explore cooperation in youth and sports
11:08 16.05.2025
Azerbaijan explores implementation of green in Karabakh and Eastern Zangazur
10:55 16.05.2025
Serbian Prime Minister thanks Azerbaijan
10:53 16.05.2025
Azerbaijan and Moldova discussed expanding energy cooperation
10:49 16.05.2025
The plenary session of the Milli Majlis has begun
10:44 16.05.2025
Azerbaijani and Belarusian military medical specialists met
10:39 16.05.2025
Prospects for Azerbaijan–Pakistan railway cooperation discussed
10:37 16.05.2025
Azerbaijan`s Economy Minister attends sessions and meeting held as part of EBRD Annual Meeting
10:37 16.05.2025
ASOIU signs memorandum of cooperation with Bayraktar Technology Azerbaijan
10:33 16.05.2025
Azerbaijani youth to participate in holiday events in Türkiye
10:29 16.05.2025
Meeting was held between representatives of the Azerbaijani and Belarusia
10:24 16.05.2025
Albania to start importing Azerbaijani gas in 2026
10:22 16.05.2025
Minister: "Pakistan offers broad opportunities for Azerbaijani investors"
10:17 16.05.2025
C.Klosi: Cooperation with Azerbaijan help Albania accelerate development of gas infrastructure
10:14 16.05.2025
An event promoting Azerbaijan was held in Morocco
10:11 16.05.2025
President Ilham Aliyev arrives in Albania for working visit
10:05 16.05.2025
Ceno Klosi: ''Azerbaijan is strategic partner of Albania in energy sector''
10:03 16.05.2025
Media Development Agency calls on young journalists to fight for conveying truth
11:23 15.05.2025
Hungarian envoy: ''Azerbaijan's Nakhchivan has great potential for renewable energy project''
11:17 15.05.2025
Istanbul hosts Azerbaijani Cinema Days
11:12 15.05.2025
Pakistan holds flash mob to thank Azerbaijan for support
11:07 15.05.2025
7 countries confirm participation in III CIS Games in Azerbaijan
11:01 15.05.2025
Behind the Curtain: Marilyn Monroe and the Free Woman's Scene
10:59 15.05.2025
Mikayil Jabbarov attends opening session of EBRD
10:58 15.05.2025
Azerbaijan considers proposal to create press museum in Shusha
10:54 15.05.2025
President of Iran: ''We want brotherhood and equality with Azerbaijan''
10:51 15.05.2025
Digital media in Azerbaijan reaches its highest
10:48 15.05.2025
Azerbaijan Railways: Passenger transportation increased by over 16%
10:43 15.05.2025
Expansion of co-op between Azerbaijan, Universal Postal Union discussed
10:36 15.05.2025
Azerbaijan starts importing gold from Romania and Zimbabwe
10:33 15.05.2025
Hamısı