“Many will have to make difficult decisions”

“Many will have to make difficult decisions”
“Many will have to make difficult decisions”

According to the United Nations, even in order to achieve the set climate change goals, the world will warm by at least 3 degrees in the next century, so the economic burden will inevitably affect individual individuals as well. The data, published in the journal Nature, shows that financial collapse is inevitable even if governments continue to focus on climate change.

For his part, Stanford University professor Noah Diffenbaugh assures that the economic damage due to climate change will be multifaceted. According to him, extreme weather changes caused by climate change can damage existing real estate, and higher temperatures can affect agricultural operations, labor productivity and, in some cases, intellectual development.

The financial damage caused by climate change is greater than the cost of solving the crisis

A warming climate often involves expensive mitigation efforts, such as limiting oil and gas, or investing in greener technologies to reduce carbon emissions. However, the study says that the short-term financial damage caused by climate change already outweighs the costs of solutions to the crisis.

Scientists estimate that by 2050 complying with the Paris climate agreement would cost the global economy $6 trillion, compared to the $38 trillion in economic damage from climate change estimated by the study.

The Nature study also calculated the economic decline of different regions, indicating that incomes in Europe and North America are expected to decline by less than 11 percent over the next 26 years, and South Asia and Africa by 22 percent.

The United States will experience less of an economic hit than some of its neighbors, according to the study.

The average American’s daily costs will increase by 9 percent due to climate change.

A document of the global consulting company ICF (International Climate Fund) published by the magazine “Consumer Reports” states that in 2024 The personal costs of a baby born in the US during the entire lifetime due to climate change may reach 500 thousand. US dollars.

It is predicted that in 2024 the housing expenses of the person born will increase by 125 thousand during his lifetime. due to increased maintenance and insurance costs associated with the risk of flooding and other weather-related damage. The document also states that due to disruptions in agriculture and supply chains, food prices in 2024 a person born will increase by approximately 33 thousand throughout his life. US dollars. Other costs, such as energy, transportation and health care, are also likely to increase over the next few decades.

“This financial loss will require many Americans to make difficult decisions involving everyday expenses for food, housing, and more, which will increase by about 9 percent over their lifetime due to climate change,” the paper said.

The article is in Lithuanian

Tags: difficult decisions


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