Climate Change And Its Economic Impact
The economic impacts of climate change are the part of the economics of climate change related to the effects of climate change. In 2019, climate change contributed to extreme weather events causing at least $100 billion in damages. By 2050, cumulative damages from climate change may reach $8 trillion, impoverishing by 3% of gross world product and the poorest regions by more of their gross domestic product (GDP). A 2017 survey of independent economists looking at the effects of climate change found that "estimates for future damages .ranges from 2% to 10% or more of global GDP per year. The Stern Review for the British Government also predicted that world GDP would be reduced by several percent due to climate related costs; among the factors they considered were increased extreme weather events and stresses to low-lying areas due to sea level rise. Insofar as their calculations may omit ecological effects that are difficult to quantify economically (such as human deat...