How does climate change affect the economy?

Not only is it a serious threat to the planet and people, but climate change is also threatening the global economy. This problem needs public-private sector collaboration to change the way we produce goods to other methods that guarantee and drive the development of sustainable economic growth.

As well as its serious impact on the environment and people, climate change is one of the biggest threats to economic stability. Heatwaves make us less able to work and reduce productivity. Hurricanes, cyclones, and typhoons devastated millions of people, leaving them in absolute poverty after ruthlessly sweeping away their communities. Droughts shrink harvests, further complicating the arduous task of feeding the world population, which is expected to reach 10 billion by 2050 (World Population Prospects 2019, United Nations Organisation). The World Bank is warning: if we don't do something immediately, climate change could push 100 million more people into poverty by 2030.

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