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Climate change will create income inequality between rich and developing countries
Environmental Economics

Climate change will create income inequality between rich and developing countries

Climate change will create income inequality between rich and developing countries

By Zeba Tarannum

Every 9 out of 10 top climate economists think climate change will deepen income inequality between rich and developing countries. So most economists are calling for urgent action to reduce global warming emissions.

According to a survey of the Institute for Policy Integrity at New York University, for countries with economic pressures and high poverty rates, the effects of global warming can cause even more difficulties.

The results of the survey were published recently. According to the news agency Reuters, this is the most extensive global expert study on the economy of climate change.



About 3/4th of the 730 experts agreed that “immediate and drastic action” need to reduce carbon emissions.
Economists believe that governments could underestimate the potential costs of climate change. Derek Sylvan, strategic director at the Institute for Policy Integrity, said, ultimate concerns have raised about the risks of climate change.

According to the survey, the potential loss from climate change will be 1.7 trillion US dollars per year until 2050. If the current warming trend continues, by 2075, this loss will reach 30 trillion US dollars per year.

Its most significant impact will be on developing countries, especially agriculture-based countries. According to researcher Sylvan, agricultural dependence will be at risk of excessive heat.

In the survey, 70% of economists said, Climate change will increase inequality in the country. The difference between rich and developing countries will increase.

According to the researchers, the cost of reducing carbon emissions is also declining rapidly. The use of solar and wind energy is increasing. They hope to increase the use of such cost-effective methods.

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