"These near-term damages are a result of our past emissions," study lead author and PIK scientist Leonie Wenz said in a statement. "We will need more adaptation efforts if we want to avoid at least some of them. And we have to cut down our emissions drastically and immediately - if not, economic losses will become even bigger in the second half of the century, amounting to up to 60% on global average by 2100."
"The climate crisis will take a yearly $38 trillion chunk out of the global economy in damages by 2050, the study authors found."
"That seems like... a lot," writer and climate advocate Bill McKibben wrote in response to the findings. "The entire world economy at the moment is about $100 trillion a year; the federal budget is about $6 trillion a year."
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