A new study has highlighted alarming new projections regarding the global economy’s response to climate change. Researchers found the global economy is on track to face a staggering 19% reduction in income within the next 26 years due to climate change, compared to a hypothetical baseline with no climate change impacts. Economic damage — worth $38 trillion a year — is estimated to be up to six times higher than the costs associated with weaning off fossil fuels and limiting warming in line with the Paris Climate Agreement requirements. Most importantly, this projected damage is locked in no ma…
