Climate Change Threatens to Wipe off US$33 Trillion Globally

If the world continues its current emission rates of climate change it will lop a mammoth US$33 trillion from the global economy by 2050, according to a new report released by the United Nations Development Program.

RELATED:
Social Movements Warn COP22 Could Accelerate Climate Catastrophe

The report “Pursing the 1.5ºC Limit” predicts that so-called “business-as-usual” approach will see trillions gutted from global GDP. In comparison, limiting the global temperature rise to 1.5 degrees Celsius as part of the Paris COP21 Climate Agreement would see US$21 trillion wiped off the global economy.

The report stressed that keeping global temperature increases to a minimum has “tremendous” benefits, not just for the world environment flora and fauna, but to help create future economic growth and tackle poverty, particularly in developing parts of the world.

Despite the ominous warning from the report, there were a number of positive points for the future, adding that as a whole the world’s economy has been growing by around 3 percent while at the same time overall global greenhouse emissions remained similar.

RELATED:
Social Movements Warn COP22 Could Accelerate Climate Catastrophe

The U.N. report, which was written with the help of 43 developing nations, noted that high-polluting energy sources such coal and gas actually create the least amount of jobs, adding that sustainable sources such as hydroenergy help to create the highest amount of jobs.

Mitigation efforts that limit the temperature rise to 1.5 degrees celsius could potentially double the amount of jobs by 2050. The report also noted that keeping to the Paris-agreed level could make it easier to reach the world’s sustainable development goals, where developing countries face the most severe risk from climate change, despite their relatively small contribution to global emissions.

Limiting the temperature rise to 1.5 degrees Celsius would also reduce the risk of air pollution, flooding from melting ice caps, and protect a number of important ecosystems.