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Maximilian Kotz, a PIK scientist, said, "Our study finds that the global economy is committed to an average income loss of 19 per cent by 2049 due to past emissions. This corresponds to a 17 per cent reduction in global GDP."
The negative impact of climate change on agricultural yields, labour productivity and infrastructure will cost the world an estimated $38tn annually by 2050, scientists at the Potsdam Institute for Climate Impact Research (PIK) have said.