Deloitte: Climate change to cost $178tr

The global economy could suffer by $178tr to 2070, (or to put it another way, an eight per cent drop in GDP) according to a report from the Deloitte Center for Sustainable Progress.

The Global Turning Point Report considered a range of economic zones: Asia Pacific, Europe, and the Americas, predicting that conversely, if action is taken at an international level to achieve net-zero, then the gain to the world economy could be $43tr in the same period.

The report notes that a coordinated transition would require governments, along with the financial services and technology sectors, to “catalyse, facilitate, and accelerate progress; foster information flows across systems; and align individual incentives with collective goals”.

The financial sector could provide additional capital investment to develop low-carbon solutions, whilst governments could build “the architecture” for a net-zero emissions ecosystem through policy and regulation. The technology sector could facilitate the transformation by finding new solutions to carbon emissions and storage.

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