Tackling global climate change by cutting greenhouse gas emissions will cost 1.6% of the global GDP, according to an UN Development Program report published on Tuesday. The report tilted ‘The Struggle Against Climate Change’ urged richer countries to cut their greenhouse gas emissions by at least 80% by 2050, with the target for 2020 being 30% reduction of total greenhouse gas emissions.
The cruelest fact about climate change is that the poor countries that are less responsible for greenhouse gas emissions are the ones that will bear the brunt of global climate change. A rise in three degrees Celsius in global temperature will bring drought, tropical storms and rise in sea level that will hit the economies of developing countries the hardest. In poor countries, there will be deterioration in agricultural production, decline in health and education services and less access to market.
Between now and 2030 the average annual cost of combating global climate change will cost about 1.6% of global GDP. This is not an insignificant investment, according to the report. It is less than two-thirds of global military spending. The cost of inaction will be detrimental in the long run.