Swiss Re, the global insurance company, has a new report outlining the catastrophic effects of climate change on the economy. According to the company, the world could lose about 10% of total economic value due to climate change.
“Our analysis shows the potential costs that economies could face should governments fail to act more decisively on climate,” said Patrick Saner, who is in charge of global macroeconomic forecasts for Swiss Re.
Rising temperatures will impact global wealth as crop yields reduce, rising seas takeover coasts, and disease spreads. The consequences of failing to hit climate targets are enormous. The forecasted economic consequences could be worth $23 trillion.
“Climate risk is a systemic risk and can only be addressed globally. We still have an opportunity to correct course now and construct a world that will be greener, more sustainable and more resilient,” said Swiss Re’s Group Chief Economist.
The report came days before President Biden made significant climate pledges, including pledges to cut emissions in half in the United States.
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