Climate change, carbon emissions lowering the world’s GDP $1.2 trillion a year

Climate change and effects from carbon emissions are costing the world 1.6% of its annual gross domestic product, or about $1.2 trillion, a new report suggests.

That will double to 3.2% by 2030 if the world fails to act on climate change, says the Climate Vulnerability Monitor report by non-profit DARA and the Climate Vulnerable Forum, a cooperation group of about 20 developing countries. 

While less developed countries are typically hit hardest, major economies like the United States, China and India will also see significant losses in GDP without more action on carbon emissions, the report notes.

Climate change and what the group calls “a carbon-intensive economy” are also responsible for five million deaths every year, from hunger and disease and air pollution, it says.

For the Monitor, the group uses current scientific research and field research to measure climate change impact in 184 countries, using indicators such as environmental disasters, and health impacts.