08.11.2022
World economy lost $16 trillion over 20 years due to heat wave — study
Photo by: ALISTAIR GRAY / iStock
The world economy suffered about $16 trillion in losses from 1992 to 2013 due to abnormal heat waves caused by anthropogenic climate change. This is the conclusion reached by experts at Dartmouth College in the United States, according to scientific news portal Phys.org.
The researchers analysed economic indicators of different regions of the world and weather observation data on the temperatures in the specified places.
They found that over a 21-year observation period, heat waves coincided with economic downturns caused by the effects of hot weather on health, productivity and agriculture.
The findings highlight the urgent need for policies and technologies that protect people during the hottest days of the year, especially in the world’s warmest and most economically vulnerable countries, the researchers report.
The scientists added that the real costs of climate change were much higher than previously thought.
“Accelerating adaptation measures during the hottest periods of each year would now bring economic benefits. The amount of money spent on adaptation should be measured not only against the cost of the measures themselves, but also against the cost of inaction. Our study reveals a significant cost of this inaction,” said study co-author Christopher Callahan, a geographer.
Existing climate models and earlier studies have included heat waves among the extreme impacts of climate change, such as more frequent flooding and stronger storms.
However, heatwave periods have a unique characteristic. Unlike droughts, they occur at shorter intervals, but during these periods the temperature rises sharply to very high levels.
Meanwhile, the regions with the lowest per capita incomes suffer the highest losses due to extreme heat waves. As the climate crisis continues, these costs will continue to rise as the situation worsens.
The researchers found that while economic losses due to extreme heat averaged 1.5% of gross domestic product (GDP) per capita in the world’s richest regions, low-income regions suffered losses of 6.7% of GDP per capita.
In addition, scientific work has shown that, up to a point, wealthy regions in Europe and North America, which are among the world’s largest sources of carbon emissions, could theoretically benefit economically from periods of warmer days.
Scientists believe that economically developed countries should help poor nations adapt to climate change because both will benefit.
Cover photo: Nes / iStock
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