Global Warming's Economic Toll Hits the Elite Hardest

A new study examines how extreme weather, exacerbated by climate change, impacts global production and consumption patterns among various income levels (1^✔ ✔Trusted Source
Global economic impact of weather variability on the rich and the poor

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Climate Change's Economic Toll: The Poor Suffer Most, but the Rich Face Growing Risks

The results confirm previous studies that the poorest people worldwide bear the greatest economic risks from climate change. Surprisingly, the risk for the wealthy is growing the fastest. Economies in transition like Brazil or China are also highly vulnerable to severe impacts and negative trade effects.

Across countries, these countries face the highest risks due to severe impacts of volatile weather and adverse trade effects. As the planet continues to warm, these risks are expected to worsen across most countries, with ripple effects along global supply chains, impacting goods and services worldwide.

“The highest risks remain with the poorest around the world. But the increase of economic risk is strongest for the wealthy, in countries like the US and the EU. Consumers all around the world, regardless of their income, will thus face increasing challenges due to global warming – without a transition towards carbon neutrality we will eventually not be able to meet these challenges.”

Reference:

1. Global economic impact of weather variability on the rich and the poor - (https://www.eurekalert.org/news-releases/1057648)

Source-Eurekalert