According to a recent study led by Professor Dabo Guan of University College London’s Bartlett School of Sustainable Construction, the direct economic harm caused by climate change might total $24 trillion (£19 trillion) over the next 36 years, according to the Daily Mail.
Tourism, transportation, food production, and healthcare will be the most affected sectors, with more repercussions expected by 2060.
While many climate studies focus on deaths, this one considers the supply chain in all countries and discusses far-reaching causes of climate change. Professor Guan emphasizes that the loss of revenue is proportional to the degree of temperature rise, emphasizing the worldwide risk to the economy.
The study examines three alternative conditions based on projected global warming levels known as ‘Shared Socioeconomic Pathways’ (SSP).
In the worst-case scenario, with high emissions, rapid industrialisation, and economic expansion, the losses could be five times greater than in the best-case scenario. GDP losses are expected to be 0.8% with mild warming and 3.9% under severe warming by 2060.
What is especially clear and disturbing is that the European Union, the United States, and the United Kingdom might lose the most of their GDP if emissions remain high, with chemical products, tourism, and the electrical equipment industries being primarily affected.
The research indicated that a significant number of intense heat waves would grow, resulting in over one million additional heatwaves deaths annually by 2060.
