Bloomberg's Laura Millan is reporting that climate change is set to cause $38 Trillion a year in damages by 2049. 

Researchers at the Potsdam Institute for Climate Impact Research estimate that climate change will cause global economic damages amounting to $38 trillion annually by 2049. This figure arises from the impact of extreme weather on agriculture, labor productivity, and infrastructure. The study, published in Nature, uses data from over 1,600 regions to project a 19% reduction in global income by mid-century compared to a scenario without climate change. It emphasizes the urgency of drastically reducing emissions to mitigate economic losses, which could escalate to 60% of the global average by 2100. Developing nations, which have contributed the least to global warming, will face the most severe economic impacts. Limiting global warming to 2°C is seen as the most cost-effective strategy to reduce these damages, while also necessitating significant adaptation efforts and a shift towards renewable energy systems to avoid catastrophic outcomes.

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Source: Bloomberg News

(This article was written with assistance from ChatGPT)

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