The Climate Crisis is going to produce much more damage than initially estimated

Climate change is no longer a distant threat; It is a palpable reality that is affecting our planet and our lives. While the environmental impacts are becoming more evident, a new report reveals an even more alarming reality: the economic cost of climate change will be much higher than previously estimated.

This new study (by Harvard economist Adrian Bilal) delves into the report’s conclusions, analyzes the economic consequences of a hotter planet, and explores possible solutions to mitigate this unprecedented global challenge.

For years, economic models used to predict the impact of climate change have been based on assumptions that are now considered overly optimistic. Factors such as the accelerated rate of global warming, the greater frequency and intensity of extreme weather events, and the vulnerability of interconnected systems such as agriculture, health and infrastructure, had not been fully considered.

This new report, produced by international experts, uses updated data and more complex models to offer a more accurate and, unfortunately, more worrying picture of the economic future in a world affected by climate change.

The average temperature of the planet has already increased by more than 1C compared to pre-industrial levels, and with this increase we are already witnessing the economic impacts of climate change. More intense and prolonged droughts are affecting agricultural production, raising food prices and generating food insecurity. Rising sea levels are eroding coastlines and affecting vital infrastructure. Extreme weather events, such as hurricanes and floods, cause billions of dollars in damage each year.

If urgent action is not taken to reduce greenhouse gas emissions, scientists warn that global temperatures could rise by up to 3°C by the end of the century. This scenario would have devastating economic consequences on a global scale, such as:

Losses in productivity: Extreme heat will affect work capacity, especially in sectors such as agriculture and construction, reducing productivity and economic growth.

. Food crisis: Droughts, floods and the spread of pests will seriously affect agricultural production, putting the global food supply at risk and generating famine.

. Mass migrations: Millions of people will be forced to leave their homes due to rising sea levels, desertification and resource scarcity, creating humanitarian crises and social tensions.

. Conflicts over resources: The scarcity of drinking water, food and fertile land will increase competition for vital resources, increasing the risk of conflicts and wars.

. Infrastructure Damage: Sea level rise, flooding, and extreme weather events will cause massive damage to essential infrastructure such as roads, bridges, ports, and power systems, crippling the economy and resulting in astronomical reconstruction costs.

. Increased poverty and inequality: Developing countries, especially those located in tropical and subtropical areas, will be the most affected by the impacts of climate change, increasing poverty, inequality and social instability.

Tackling climate change requires an unprecedented global effort. It’s not just about protecting the environment; it is about securing our economic and social future. To mitigate the worst effects of climate change, it is crucial to take immediate and ambitious action on the following fronts:

. Transition towards renewable energies: It is essential to abandon fossil fuels and accelerate the transition towards renewable energy sources, such as solar, wind, geothermal and hydraulic.

. Increasing energy efficiency: Implementing measures to improve energy efficiency in all sectors, from building construction to transportation, will reduce energy consumption and emissions.

. Protecting ecosystems: Conserving and restoring natural ecosystems, such as forests, oceans and wetlands, is essential to capture carbon from the atmosphere and strengthen resilience to climate change.

. Technological innovation: Investing in research and development of clean and sustainable technologies, such as carbon capture and storage, will be crucial to reduce emissions and adapt to the impacts of climate change.

. International cooperation: Climate change is a global problem that requires global solutions. It is essential to strengthen international cooperation to finance climate change adaptation and mitigation, especially in developing countries.

Addressing climate change is not an expense, it is an investment in our future. While taking strong action to combat climate change requires significant investment, the cost of inaction will be much higher. A World Bank study estimates that by 2050, climate change could reduce global GDP by between 5% and 20%, depending on the severity of global warming.

It is imperative that governments, companies, investors and citizens work together to build a sustainable and climate resilient future. Through innovation, collaboration and collective action, we can create a fairer, more equitable and sustainable economy for all. The future of our planet and future generations depends on it.

When I see this news and reflect on it, I am surprised by the apathy of people in the face of what is coming to us. The vast majority are “asleep” while spending time with their cell phone, and without thinking about what is coming for their descendants.

And dear friends, nothing happens by chance. There are a few spending a lot of money keeping people asleep and consuming without thinking about the future. And as always, the poorest will pay the consequences to a greater extent.

That’s how unfair life is.