The global economy could face a 50 percent loss in gross domestic product between 2070 and 2090 from the catastrophic shocks of climate change unless immediate action by political leaders is taken to decarbonize and restore nature, according to a new report.
The stark warning from risk management experts at the Institute and Faculty of Actuaries, or IFoA, hugely increases the estimate of risk to global economic well-being from climate change impacts such as fires, flooding, droughts, temperature rises, and nature breakdown. In a report with scientists at the University of Exeter, published on Thursday, the IFoA, which uses math and statistics to analyze financial risk for businesses and governments, called for accelerated action by political leaders to tackle the climate crisis.
Their report was published after data from the European Union’s Copernicus Climate Change Service showed climate breakdown drove the annual global temperature above the internationally agreed 1.5 Celsius target for the first time in 2024, supercharging extreme weather.
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