Climate change is coming for our incomes, study warns. Which countries will lose out the most?

illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:

🗞️ Driving the news: A new study by the Potsdam Institute for Climate Impact Research projects that climate change will lead to substantial economic damages globally, reducing worldwide incomes by approximately 20% over the next 25 years compared to a non-warming scenario
• Southern European countries and the world's poorest regions are expected to suffer the most significant financial impacts

🔭 The context: This study expands on previous research by examining the economic impacts of climate change in 1,600 smaller regions worldwide, considering multiple climate variables and the duration of economic shocks
• It provides a granular view of how income reductions due to climate change are distributed globally

🌍 Why it matters for the planet: The regions that have historically contributed the least to greenhouse gas emissions and have lesser financial resilience are forecasted to face the harshest economic consequences
• This underscores the injustice and disproportionate impacts of climate change on vulnerable populations

⏭️ What's next: Although some damage is already inevitable, the study highlights two potential futures: one where significant emission reductions mitigate the worst economic impacts, and another where failing to act results in a severe global financial crisis, urging immediate and substantial cuts to carbon emissions

💬 One quote: "Our analysis shows that climate change will cause massive economic damages within the next 25 years in almost all countries around the world," says Leonie Wenz, study co-author.

📈 One stat: The world's poorest countries will suffer a 61% greater income loss than the wealthiest nations due to climate change.

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