Climate Change: The “Price Tag” of Our Collective Inaction
As I analyse the 2024 climate data, it is clear that we have left Mother Nature with an expensive tab. Please take a few minutes to read on. The Cost of Inaction A study by the Potsdam Institute for Climate Impact Research (PIK), backed by the German government, highlights the potential financial burden of climate change. It projects a cost of an astounding $38 trillion USD per year by 2050. This cost will affect various sectors crucial to the global economy, including agriculture, infrastructure, productivity and healthcare. This would mean that 17% of the GDP will be gone by the middle of the century. This reduction reflects not only direct damages but also indirect costs associated with adaptation measures, loss of productivity and inevitably, decreased……