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Climate change can have an impact on global economy, study finds


A new study has found that if global warming is not controlled, it can cripple income around the world by 20 percent. Developing countries in the tropics and subtropics would be most affected, widening the existing gap between rich and poor nations.carbon-dioxide-climate-change

Researchers at the University of California, Berkeley and Stanford University found that there is a “Goldilocks” temperature of 13 degrees Celsius (55 degrees Farenheit) when per capita GDP growth is at maximum. An increase of decrease in temperature could have a negative impact on economic growth. Around the world, 77 percent of the country would see per capita income fall.

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“People have long been worried that the effects of people in poor countries would be really negative and we confirmed that,” said co-author Marshall Burke, an assistant professor in Stanford’s earth system science department.

Countries including Canada, Russia, central and northern Europe would see an increase in productivity due to global warming for a limited time. Burke said that one of the main findings is that rich countries are not isolated. Researchers analyzed the economic data of 166 countries between 1960 and 2010, to see how climate change influenced GDP. The relationship between productivity and temperature was constant across time and countries. The researchers established a relationship between climate change and GDP by comparing the results of warm, cool and average years in each country.

The two-week global climate conference in Paris is set to begin on Nov.30 that aims to draft a treaty to control global warming. Out of 196 parties, 154 have submitted their pledges to the United Nations Framework Convention on Climate Change. They have pledged either to reduce greenhouse emissions or slow the pace their emissions are increasing. The study would help in assessing the economic costs of global warming. The study has been published in the journal Nature.

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