Climate Change Could Cut World Economy by $23 Trillion in 2050, Insurance Giant Warns – The New York Times

“WASHINGTON — Rising temperatures are likely to reduce global wealth significantly by 2050, as crop yields fall, disease spreads and rising seas consume coastal cities, a major insurance company warned Thursday, highlighting the consequences if the world fails to quickly slow the use of fossil fuels.

The effects of climate change can be expected to shave 11 percent to 14 percent off global economic output by 2050 compared with growth levels without climate change, according to a report from Swiss Re, one of the world’s largest providers of insurance to other insurance companies. That amounts to as much as $23 trillion in reduced annual global economic output worldwide as a result of climate change.

Some Asian nations could have one-third less wealth than would otherwise be the case, the company said. “Our analysis shows the potential costs that economies could face should governments fail to act more decisively on climate,” said Patrick Saner, who is in charge of global macroeconomic forecasts for Swiss Re.

The projections come as world leaders gather Thursday and Friday for a virtual climate summit in Washington hosted by President Biden, who has urged countries to do more to reduce their greenhouse gas emissions. Mr. Biden is expected to pledge to cut the United States’ emissions by about half by 2030.   . . . “

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