Hitting 1.5˚C Paris target will save the world $30 trillion in climate-related damages this century

So estimates a Stanford University economic study published in Nature. The cost of action to hit the target would be $0.5 tn globally.

Marshall Burke, alead researcher: “By the end of the century, we find the world will be about 3% wealthier if we actually achieve the 1.5C target relative to 2C target. In dollar terms, this represents about $30tn in cumulative benefits.”

The study is one of the first to factor in data from the last 50 years. This shows that when temperatures rise, GDP and other economic measures fall in most nations. Factors causing this include labour productivity, agricultural output and health.

But note that analysis did not include the impacts of climate change that are harder to quantify, including on natural ecosystems vital to clean air and water and fertile soils, or health benefits from air pollution.

Image: NASA / NOAA

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