'Inaction is a far costlier choice': How 3C of climate warming could cost global economy $178tr

Michael Holder
clock • 6 min read
The 2018 Woolsey wildfire in California burned 96,949 acres of land, destroyed 1,643 structures, killed three people, and prompted the evacuation of more than 295,000 people | Credit: iStock
Image:

The 2018 Woolsey wildfire in California burned 96,949 acres of land, destroyed 1,643 structures, killed three people, and prompted the evacuation of more than 295,000 people | Credit: iStock

While unchecked global warming could knock 7.6 per cent off GDP, net zero could boost global GDP by 3.8 per cent, according to Deloitte

Climate change could cost the global economy $178tr over the next 50 years if left unchecked, amounting to a 7.6 per cent cut in GDP in the year 2070 alone, according to a sobering new assessment from...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

More on Climate change

Global Briefing: White House to pay $900m to stop two more US offshore wind projects

Global Briefing: White House to pay $900m to stop two more US offshore wind projects

President Trump's attacks on renewables continue, European air quality concerns continue, and a major green cement breakthrough is confirmed

Michael Holder
clock 01 May 2026 • 10 min read
France presents 'first of its kind' fossil fuel phase-out roadmap

France presents 'first of its kind' fossil fuel phase-out roadmap

France unveils plan at presented at Santa Marta Conference that targets an end to coal use by 2030, before phasing out oil by 2045, and gas for energy purposes by 2050

Michael Holder
clock 29 April 2026 • 6 min read
'The impacts are already severe': Almost all of Europe experienced above-average temperatures in 2025

'The impacts are already severe': Almost all of Europe experienced above-average temperatures in 2025

Climate and extreme-weather records tumbled last year as Europe cemented its place as the world's 'fastest-warming continent', annual State of the Climate report warns

Stuart Stone
clock 29 April 2026 • 5 min read