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Climate Change Cuts GDP by $1.2 Trillion a Year

A recent report from the Climate Vulnerability Forum (a collaboration between Madrid-based DARA and 20 countries) determined the impact to the global economy from climate change to be a reduction in GDP by $1.2 Trillion a year.  While much attention has been paid to the anticipated economic costs of climate change, this report reveals that we are already feeling the effects of rising temperatures on our wallets.  As climate change continues, the economic impact and cost of reducing it will grow as well .  Lowering emissions is estimated to cost only 0.5% of GDP over the next 10 years, well below the future loss to GDP of continuing on our current path.  The report also states that developing a low-carbon economy would not only address climate change, but also poverty, through the creation of jobs and use of new technological.

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