Economic Impact of Climate Change - 11/10/15
Those concerned by global warming might presume that the entire planet will suffer if the earth continues to get hotter. But a recent article published in the scientific journal Nature indicates that the economic impacts will vary significantly between nations.
According to the article, compared to a scenario in which there is no global warming, average global income will decline by twenty three percent by the end of the current century if heat trapping carbon dioxide pollution continues to expand at its current trajectory. As reported by the New York Times, some nations like Russia, Canada and Mongolia would see large economic benefits from global warming. Most of Europe would perform slightly better.
The United States and China would be rendered a bit worse off. Virtually all of Africa, Asia, South America and the Middle East would be hurt dramatically according to the researchers. According to one of the authors, "What climate change is doing is basically devaluing all the real estate south of the United States and making the whole planet less productive." One of the implications of this is that the already massive wealth gap between northern and southern nations will continue to widen.