Environmental damage could cost you a fifth of your income over the next 25 years

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

🗞️ Driving the news: Researchers find that the global economy is set to shrink by 20% by 2050 due to ongoing climate change 
• This economic impact results from a model analyzing local economies' responses to climate changes over the past 40 years and projecting these trends forward

🔭 The context: The study, using data from over 1,600 global regions, links economic performance with climate factors like temperature and rainfall variability 
• Maximilian Kotz, Anders Levermann, and Leonie Wenz employ an empirical method to estimate future economic costs, revealing significant long-term impacts

🌍 Why it matters for the planet: The economic toll from climate change greatly exceeds the costs of limiting global warming to 2 degrees Celsius, estimated at $6 trillion, pointing to a dire need for urgent climate action

⏭️ What's next: Future projections indicate that while wealthy regions might see an 11% drop in income, areas like Africa and South Asia could experience reductions of 22%, highlighting the disproportionate impact on the Global South

📈 One stat: Economic losses by 2050 are projected at $38 trillion

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