Global economic damage could be $1.7trn a year by 2025 if climate change not tackled now, experts warn

Global economic damage could be $1.7trn a year by 2025 if climate change not tackled now, experts warn

The world needs to take "drastic action" to tackle climate change and failing to address it immediately could cost the global economy $1.7trn (£1.24trn) a year by 2025, experts have warned.The economic damage may rise to about $30trn a year by 2075, according to estimates of 738 economists from around the world who were surveyed by New York University's Institute for Policy Integrity.

The impact of climate change would also deepen income inequality between rich and poor countries, said nine out of 10 of the respondents, with most calling for urgent action to cut planet-warming emissions.The most severe impacts will be in developing countries, due to factors like higher dependence on agriculture and vulnerability to extreme heat, said the institute's strategy director Derek Sylvan.

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The aftermath of a hurricane in Florida in 2018



Global warming