According to research co-authored by researchers from the University of Cambridge, India’s economy will suffer heavy losses of India fails to address climate change issues. The study was published by the National Bureau of Economic Study on Monday and it stated that India will lose 10% of its economy by 2100 if climate change issues continue to remain snubbed.
The study also talked about the United States which is likely to lose 10.5 per cent of its GDP by 2100 if the present trends continue. The US has already pulled out of the Paris Agreement hence stepping out of collaborative international efforts to deal with climate change.
All countries will suffer economically: Cambridge Study
The study makes a projection on a global scale taking into consideration a usual scenario and the scenario for the signatories of the Paris Agreement. The research suggests that all nations rich, poor, hot and cold ones will take the brunt of an economic slowdown and GDPs will decline is the ongoing climate change trends prolong.
Canada will end up losing about 13 per cent of its GDP by 2100 due to climate change even if some assert that a slight rise in Canada’s temperature will be for the good.
How will climate change replicate on economies?
The researchers who have compiled this study are of the opinion that the deviation from historic norms caused by climate change is what will eventually impact the economies.
While the absolute temperature recorded in a country will no have much to do with measures of the economy , the digression from traditional norms will define the downfall in the economic growth of countries. These deviations from historic norms include cold snaps, heat waves, droughts, floods and all other natural disasters triggered by climate change.
Why is the Paris Agreement so vital?
The Paris Agreement is a multilateral agreement in response to climate change signed in 2016. The long term aim of the Paris Agreement is to keep the rise in global average temperature well below 2-degree degrees for this century and to limit the increase to 1.5 degree Celsius. It has 195 signatories to it and 186 parties including India.