How much will it cost to stop climate change?


As the world struggles to fight the COVID-19 pandemic, climate change is also another challenge facing humanity and requires a global response.

According to a report by Swiss Re which, compared to the level of growth without climate change, the effects of climate change are expected to reduce global economic output by 11% to 14% by 2050. Swiss Re is one of the largest suppliers global reinsurance and insurance.

The impact of climate change could cost the global economy up to $ 23 trillion each year.

Swiss Re reported that if countries succeed in controlling the increase in global average temperature to less than 2 degrees Celsius (3.6 degrees Fahrenheit) above the pre-industrial level target set by the Paris Agreement in 2015, the economic losses would be insignificant.

But the current level of emissions is far from these targets. Swiss Re said the global temperature could rise 2.6 degrees by 2050 based on current trajectories.

This will affect countries around the world, the US economy would be shrunk by up to 7 percent while Canada, Britain and France could lose between 6 and 10 percent of their potential economic output. And wealth levels in the Philippines, Malaysia and Thailand would fall by almost half.

And it would take between $ 300 trillion and $ 50 trillion to halt global climate change over the next two decades.

US President Joe Biden has pledged the country will cut its greenhouse gas emissions “in half” from 2005 levels during this decade.

China called for global efforts to start a green revolution and pledged to achieve carbon neutrality by 2060.

“COVID-19 reminds us that humanity must start a green revolution and move faster to create a green way of development and life,” Chinese President Xi Jinping said in a speech delivered via video link during the general debate in the 75th session of the UN. United Nations General Assembly last month.

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