Even if CO2 emissions were drastically cut down starting today, the world economy is already committed to an income reduction of 19% until 2050 due to climate change. These damages are six times larger than the mitigation costs needed to limit global warming to two degrees. Strong income reductions are projected for the majority of regions, including North America and Europe, with South Asia and Africa most strongly affected. These are caused by the impact of climate change on various aspects relevant for economic growth such as agricultural yields, labor productivity or infrastructure.
www.pik-potsdam.de/en/news/latest-news/38-trillion-dollars-in-damages-each-year-world-economy-already-committed-to-income-reduction-of-19-due-to-climate-change