Economic impact of climate change:
Climate change could cripple economies, both rich and poor. A report by the World Meteorological Organization (WMO) in September said the number of climate-driven disasters, like floods and heatwaves, had increased fivefold over the past 50 years, costing US$3.64 trillion in total losses. Climate change could wipe up to 18 per cent off global gross domestic product (GDP) by 2050 if global temperatures rise by 3.2 degrees this century from pre-industrial levels, according to the world’s largest reinsurer, Swiss Re Institute.
