Risk management experts are concerned that the global economic performance could reduce by 50% in the period from 2070 to 2090 because of the catastrophic impacts of climate change. There is a critical need to decarbonise and restore nature.
Climate change impacts such as fires, flooding, droughts and temperature rises are expected to bring a considerable damage to the global economy. The aforementioned team of experts is looking for accelerated action by political leaders to tackle the crisis.
Their alarming report comes after data from the EU’s CCCS highlighted that the climate crisis pushed the annual global temperature beyond the internationally agreed 1.5 degrees Celsius target for the first time last year.
The 1.5C target has been set in the 2015 Paris agreement. Posing challenges to this target is expected to cause considerable damage on the planet, including but not limited to floods and droughts. But surpassing the target once doesn’t mean that the agreement has failed.
