Climate change ‘could cause massive economic disruption around the world’

Paradise Bay in Antarctica. Could rising sea levels affect the world economy? (Getty)Climate change will cause massive economic disruption around the world as rising seas swamp coastal areas and devastate agriculture, a report has warned. Researchers led by the International Institute for Applied Systems Analysis (IIASA) assessed the impact of climate change on the world economy, based on different scenarios. Some countries could face GDP (gross domestic product) loss of up to 12%, scientists warned, with China likely to be among the worst affected.Disruption to the global economy could be up to 4%, the scientists said – depending on whether countries manage to stick to the Paris Agreement, which aims to limit global warming to below 2°C compared to pre-industrial levels.READ MOREStars ‘need a partner’ to set off universe’s brightest explosionsMeet the adorable cat with two different facesWorld’s southernmost reef hit by coral bleachingBinary Earth-sized planets possible around distant starsThomas Schinko, IIASA risk and resilience deputy program director, said, “We found that up to 2050 the global GDP losses in both climate futures are significant and similar given the effects of climate change that we are already experiencing.“However, by 2100, without further mitigation and adaptation and assuming continued sea level rise, projected annual global economy-wide losses can amount to more than 4%.

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