Climate Change Could Cut World Economy by $23 Trillion in 2050, Insurance Giant Warns

Christopher Flavelle, The New York Times

May 14, 2021

If climate change continues, global economic output is expected to decline by 11-14% by 2050. That's close to $23 trillion.

If greenhouse gas emissions from fossil fuel use continue, the New York Times said that global wealth could be greatly reduced. According to one major insurance company, as temperatures rise, crop yields decrease, disease spreads, and coastal cities are flooded, which is expected to have a major impact on the global economy.


It also said that if climate change continues, global economic output is expected to decline by 11-14% by 2050. That's close to $23 trillion. Although climate change is an environmental problem, it has a great impact on the global economy. As a result, countries around the world are expected to accelerate the reduction of greenhouse gas emissions. Financial problems for insurance companies caused by climate change are also ongoing. Houses vulnerable to flooding are becoming more expensive, and houses in areas prone to wildfires are becoming more difficult to get insurance.

As natural disasters increase due to climate change, insurance costs also increase. As the impact of climate change is increasing, countermeasures from countries around the world are becoming urgent. It is time for everyone to strive to reduce greenhouse gas emissions not only for the environment but also for the economy.


Our company will also strive to reduce carbon dioxide emissions through FORCE. As a company that aims to reduce carbon dioxide, we will look at the countermeasures of countries around the world with interest.