World economy is committed to 19% income reduction within next 26 years

Here’s a note from Andreas Rasche about this study:

Brand new research in ‘Nature’ on macroeconomic climate damages. Key finding: the world economy is already committed to an income reduction of 19% within the next 26 years independent of future emission choices. The damages are six times larger than the mitigation costs that are needed to limit warming to 2C.

To date, most studies on climate-related economic damages focus on national-level impacts. By using new empirical findings from climate impacts on economic growth in more than 1,600 subnational regions over the past 40 years, this analysis paints a much more granular picture.

Global annual damages in 2049 are estimated to be at 38 trillion dollars, with significant economic costs for the U.S. and also Europe. Sadly, the study also shows that the countries least responsible for climate change will suffer the most.