Climate change damage might cost $38 trillion each year by 2050, study finds

Damage to farming, facilities, efficiency, and health from climate modification will cost an approximated $38 trillion annually by 2050, German governmentbacked research finds, a figure practically certain to rise as human activity produces more greenhouse gases.

The economic impact of environment modification is not fully comprehended, and economic experts often disagree on its level.

Wednesday's research study from the Potsdam Institute for Environment Effect Research (PIK), which is backed by the German government, sticks out for the intensity of its findings.

It determines environment change will shave 17% off the international economy's GDP by the middle of the century.

The world population is poorer than it would lack environment modification, Potsdam environment data researcher Leonie Wenz, a. co-author on the study, stated. It costs us much less to secure. the environment than not to.

At an estimated $6 trillion, the expense of steps to restrict. global warming to within 2 degrees Celsius (3.6 F) of. pre-industrial temperatures by 2050 would be less than a 6th. of the expense of the estimated damage caused by allowing warming. to go beyond that level, the report stated.

While previous studies have actually concluded climate modification could. benefit some countries' economies, PIK's research discovered nearly. all would suffer - with poor, developing countries the hardest. hit.

Its estimate of damage is based on predicted temperature. and rains trends, however does not consider extreme. weather condition or other climate-related catastrophes such as forest fires. or rising sea levels. It is also only based upon emissions currently launched, even. though global emissions continue to increase at record levels.

Along with costs too little to suppress climate-warming. emissions, governments are also under-spending on steps to. adapt to the effect of climate modification.

For the research study, the scientists took a look at temperature level information. and rains for more than 1,600 areas over the last 40 years,. and considered which of these occasions were expensive.

They then used that damage control, along with climate. design projections, to estimate future damage.

If emissions continue at today's rate - and the average. international temperature level climbs beyond 4C - the estimated economic. toll after 2050 total up to a 60% income loss by 2100, the. findings recommend. Limiting the increase in temperatures to 2C would. contain those losses at an average of 20%.

(source: Reuters)