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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