UN Projects that Climate Change Will Cost Economy $2 Billion

UN Projects that Climate Change Will Cost Economy $2 Billion

By: Daniel Steingold | July 19, 2016

A new projection by the United Nations (UN) has found that climate change may cost global economies $2 billion by 2030.

Citing climates that will be too hot to be hospitable to work, the UN says that up to 43 countries could be affected, including China, Indonesia, and Malaysia.

It is believed that China’s GDP could be reduced a full one percent by 2030, while Indonesia’s GDP could be reduced by six percent.

The U.S., while on the lower end of the scale, would also likely be affected.

It is important to note that climate change will also affect society in manners other than influxes of heat causing loss of productivity; this includes the rising of the sea and more variable weather in colder regions.

Namely, it is believed that Nordic countries— like Norway and Sweden— and Russia could be adversely impacted by colder temperatures.

Heat stress is more likely to affect low-paying and low-skilled jobs, such as those in manufacturing, heavy labor, and farming. It is believed that this could contribute to a further widening of the gap between the rich and the poor worldwide.

Extreme heat could also affect power supplies, as the use of air conditioning will likely rise.

Although more than 190 nations agreed last December to take measures to reduce the impact of global warming, the agreement hasn’t yet been ratified, and likely won’t be until later this year.

Climate change has become a serious topic in politics, and it will be interesting to see if the UN’s study will further influence policy or perception.

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