Climate change ‘could cost global economy nearly $10tn by 2050’

A new report warns nature losses and environmental damage need to be rapidly reversed in order to avoid severe financial losses across multiple vital sectors

Climate change could cost the global economy as much as $9.87 trillion (£7.6tn) between 2011 and 2050 if nature losses and environmental damage are not reversed.

That's according to a new report from the WWF, the Global Trade Analysis Project and the Natural CapitalProject, which suggests a ‘business-as-usual’ scenario would damage the natural resources that contribute to the pollination of crops, coastal protection, water supply, timber production, marine fisheries and carbon sinks.

It suggests a reduced supply of these ecosystem services alone would cause a fall of 0.67% in annual global GDP by 2050, equivalent to an annual loss of $479 billion (£368bn) compared to baseline scenarios.

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