World To Get Poorer By 2050 Due To Climate Change: Report

World To Get Poorer By 2050 Due To Climate Change: Report

This comes at a time, when according to many reports, income inequality has reached new levels, as the rich get richer and the poor get poorer.

Juviraj AnchilUpdated: Thursday, April 18, 2024, 02:11 PM IST
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Representational Image | Pixabay

Climate change, as a phenomenon has enveloped our lives, not just in theory, but in practical reality as well. The perils of climate change is known to everyone. In fact, more is being revealed with every passing day and week. Now, in accordance to a report from coveted science journal, 'Nature' the world income will drop by about 19 per cent by 2049. For context, the said period is just 26 years away.

This comes at a time, when according to many reports, income inequality has reached new levels, as the rich get richer and the poor get poorer.

One of the main reasons behind the projection is the role of climate extremities, and the resources required to compensate for the damages and disruptions caused in the process.

One of the main reasons behind the projection is the role of climate extremities, and the resources required to compensate for the damages and disruptions caused in the process. |

'Destruction of USD 38 Billion'

One of the main reasons behind the projection is the role of climate extremities, and the resources required to compensate for the damages and disruptions caused in the process.

According to the report, the projected impact of rising temperatures, heavier rainfall, and more frequent and intense extreme weather events is staggering, with an estimated USD 38 trillion of destruction expected annually by 2050. The current size of the global economy at large stands at USD 105 trillion.

This underscores the urgent need for robust climate mitigation and adaptation efforts to minimize the devastating consequences of climate change.

The report also added, that losses are projected for all regions except those at very high latitudes, where reductions in temperature variability counters the aberrations. Here, high-latitude areas are regions located between 60 and 90 degrees latitude in both the northern and southern hemispheres. These areas are characterized by very cold temperatures and low humidity levels.

Once again, these extremities are seemingly affecting the global south far more gravely than the other parts of the world.

Once again, these extremities are seemingly affecting the global south far more gravely than the other parts of the world. |

The aforementioned regions typically experience colder climates due to their higher latitudes or elevation. They include Alaska, Canada, the northern border states of the US, Scandinavia, the northern parts of the United Kingdom, New Zealand, and the southernmost parts of Australia.

Global South In Peril

Once again, these extremities are seemingly affecting the global south far more gravely than the other parts of the world. The report even points out that the territories that are destined to be marred the most by these developments would be the regions and the people living in the regions at low latitude, who have faced historical discrimination and have had significantly lower emissions over the years. This in turn would affect the income of the people who live in these regions as well.

These projection also invoke the idea of climate justice, as historical polluters try to impose a certain parity on the rest of the world, that was not an active participant in the making of the problem, that we face today.

Photo: Pixabay

According to the report, even as income per capita levels are projected to increase relative to current levels, as part of a certain natural progression, this increase represents a permanent reduction in income for most regions.

Once again, there is a distinction in the cumulative impact, as North America and Europe are expected to experience median income reductions of approximately 11 per cent. At the same time, South Asia and Africa, which have been subjects of subjugation for centuries are anticipated to be the most severely affected, with median income reductions of approximately 22 per cent.

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