Written By: Emma Websdale
Think tank Copenhagen Consensus Center (CCC) warns that costs associated with global warming and climate change will cause great economic damage unless greenhouse gas emissions are stabilized.
The report, an attempt to quantify the economic impact of global problems such as climate change, states that after 2025 climate change will cause more damage than benefits to the global economy.
Conducted by some of the world’s top economists, including Richard Tol, the team combined climate and economic modeling to estimate the costs of climate change on global gross domestic product (GDP). Models were based on a 3.6OC global surface temperature increase between 1900 and 2100 – an amount that would still require strong efforts to reduce greenhouse gas emissions.
Although the model showed economic benefits from global warming, including increased fertilization for agriculture due to increased atmospheric carbon dioxide and fewer cold-related deaths, post 2025 the projected negative climate-related impacts offset the benefits with heat-related deaths, increased water stress and increased property damage caused by storms.
In response, the CCC have called for global efforts to stabilize global temperatures at 2025 levels (approximately 1oC warmer than 1900) to avoid negative economic damages across global economies.
However, according to the report, greenhouse gas emissions already released by human activities have committed us to global warming beyond 1oC, meaning that any further contribution of greenhouse gases will be costly.
The report, entitled How Much Have Global Problems Cost the World? also analyzes the economic damage caused by global problems such as poor health, biodiversity loss and wars. For more results, you can review the CCC report here.