G7 to lose trillions without more climate action

Human and economic impact on low-income nations will be much worse

The economies of the G7 nations could see an average loss of 8.5 percent annually by 2050 ?equivalent to $4.8 trillion? if leaders do not take more ambitious action to tackle climate change, according to Oxfam’s analysis of research by the Swiss Re Institute. Oxfam is calling on G7 leaders, who are meeting in the UK later this week, to cut carbon emissions more quickly and steeply. Oxfam found this loss in GDP is double that of the coronavirus pandemic, which caused the economies of the same seven nations to shrink by an average of 4.2 percent, resulting in staggering job losses and some of the largest economic stimulus packages ever seen. But while economies are expected to bounce back from the... ... More: Official Press Release Oxfam

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Oxgam, G7, summit, climate change, BIP, economy, impact, CO2 emission, global, crisis, nation, Swiss Re