A research study has warned that the economies of rich countries will shrink at a rate of twice what they were exposed to during the Corona pandemic crisis, if they fail to deal with the increase in greenhouse gas emissions that cause climate change.
And according to what the newspaper “The Guardian” reported, the G7, which includes the countries with the largest manufacturing economy in the world, will lose about 8.5% of the gross national product annually, or about 5 trillion dollars from its economy, within 30 years if the temperature rises by 2.6 degrees Celsius, something that is more likely to happen based on government commitments and policies around the media, according to research from Oxfam and the Swiss Irrigation Institute.
The G7 economy contracted by 4.2% on average during the Corona pandemic, and the economic losses caused by the climate crisis by 2050 will be approximately the size of suffering from a similar crisis twice a year, according to the research. The study's authors expected the British economy to lose 6.5% annually by 2050 under current policies and expectations, compared to 2.4% if the goals of the Paris climate agreement were met.
Other countries will be hit harder, while India, whose economy will shrink about a quarter due to the 2.6 degrees Celsius increase in temperature, Australia will lose about 12.5% of output, and South Korea will lose about a tenth of its economic potential.
The leaders of the Group of Seven, the United States, Britain, Japan, Canada, France, Italy and Germany, will meet with the European Union, Corona, on Friday to discuss the global economy, Corona vaccines, corporate taxes and the climate crisis.
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