India may lose 22 percent income by 2050 due to climate change

Bhubaneswar: A recent study published in the Nature journal projects a significant economic impact from climate change by 2050. The global economy is estimated to face a 19% income loss, with India expected to bear a 22% reduction, higher than the global average by three percent.

The study, conducted by researchers from the Potsdam Institute for Climate Impacts Research in Germany, highlights a staggering annual global loss of $38 trillion by 2050, even with substantial reductions in carbon dioxide emissions.

The repercussions span various regions, including North America and Europe, with South Asia and Africa facing the most severe consequences. Factors such as reduced agricultural yields, lower labor productivity, and infrastructure challenges contribute to these economic setbacks.

Rising temperatures, changes in rainfall patterns, and increased weather variability are cited as primary drivers of these damages, with potential escalations from extreme weather events like storms or wildfires.

Notably, highly developed countries like the European Union, Germany, France, and the United States are not immune to these losses, projected to experience income reductions ranging from 11% to 13% within the next 25 years.

The study emphasizes the urgent need for adaptation measures and immediate, drastic reductions in emissions to mitigate escalating economic losses, which could reach up to 60% globally by 2100 if left unchecked.

Lead researcher Leonie Wenz underscores that investing in climate protection is a cost-effective strategy compared to the escalating economic toll and emphasizes the broader non-economic impacts, such as loss of life and biodiversity, associated with climate change.

The study calls for a structural shift towards renewable energy sources to safeguard economic stability and avert catastrophic consequences, stressing the imperative to move away from fossil fuels for long-term planetary health and financial security.

[Disclaimer: This story is a part of ‘Punascha Pruthibi – One Earth. Unite for It’, an awareness campaign by Sambad Digital.]