Climate change is costing trillions — and low-income countries are paying the price

| November 9, 2022 | Leave a Comment

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Date of Publication: November 7

Year of Publication: 2022

Publisher: Springer Nature

Author(s): Miryam Naddaf

Analysis of the effects of extreme heat shows that low-income, tropical countries have suffered the greatest financial losses.

Climate change has so far cost the global economy trillions of dollars, but low-income countries in tropical regions have borne the brunt of these losses, finds a study that analyzed the economic consequences of heatwaves worldwide over a 20-year period.

The research, published on 28 October in Science Advances1, estimates that the global economy lost between US$5 trillion and $29 trillion from 1992 to 2013, as a result of human-driven global warming. But the effect was worst in low-income tropical nations, leading to a 6.7% reduction in their national income on average, whereas high-income countries experienced only a 1.5% average decrease.

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