September 26, 2021

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Climate change is deepening income inequality

Nine out of 10 top climate economists in the world believe that climate change will deepen income inequality between rich and poor countries. So most economists are calling for urgent action to reduce global warming emissions.

A study published by the Institute for Policy Integrity at New York University found that the effects of global warming could create even more difficult disadvantages for countries with already high economic pressures and high poverty rates. The results of the survey were released on Tuesday. This is the largest global expert survey on the economy of climate change so far, according to Reuters. Nearly three-quarters of the 630 experts say “immediate and drastic action” is needed to reduce carbon emissions.

Economists believe that governments could underestimate the potential costs of climate change. Derek Silvan, strategic director at the Institute for Policy Integrity, said the ultimate concern has been about the risks of climate change.

The study found that by 2025, the potential damage from climate change will be 1.6 trillion US dollars every year. If the current warming trend continues, by 2065 this loss will reach 30 trillion US dollars per year. The biggest impact will be on developing countries. Especially those agricultural countries. According to researcher Sylvan, agricultural dependence will be at risk of excessive heat.

Eighty percent of economists surveyed said climate change would increase inequality in the country. The distance between rich and poor countries will increase.

The cost of reducing carbon emissions is also falling sharply, researchers say. The use of solar and wind energy is increasing. They hope to increase the use of such cost-effective methods.