Monday Program – Week in Review #7

Recent reports have shown that climate change will not only have detrimental affects on the world around us, but also many countries’ wallets. A paper published this month by the United Nations and global financial institutions have reported that “Extreme weather events, cuts to worker productivity and other climate change impacts could cause major global economic losses unless greenhouse gas emissions are significantly curtailed in the next few decades.” The paper speaks about how politicians must direct their attention to the issues that will loom if the ever-growing problem of climate change is left untouched. One of the co-authors of the working paper, economist Kamiar Mohaddes at the University of Cambridge, stated “What our study suggests is that climate change is costly for all countries under the business as usual scenario (no matter whether they are hot or cold, rich or poor), and the United States will be one of the countries that will suffer the most (reflecting sharp increases in U.S. average temperatures by 2100).” In the case of the United States, studies are coming to similar conclusions about greenhouse gases, stating that if emissions are not cut in order to stay in line with the goals of the Paris Climate Agreement, an 11% cut in real income by the year 2100 is very likely. All authors of the report want readers to note that the affects of climate change will spare no country. Negative financial changes as well as naturally worsened climate conditions will be seen in all countries unless more attention is brought to this issue. Mohaddes further stated that, “It is not only the level of temperature that affects economic activity, but also its persistent above-norm changes. For example, while the level of temperature in Canada is low, the country is warming up twice as fast as rest of the world and therefore is affected by climate change (including from damage to its physical infrastructure, coastal and northern communities, human health and wellness, ecosystems and fisheries).” No matter a politician’s political party affiliation, having a strong economic plan for the future is of very high importance in order to get elected. In turn, this means that all political leaders must have a plan to combat the negative affects of the worsening environment, as climate change and the future global economy go hand-in-hand. 

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