According to a study published in the Environmental Research Letters magazine, extreme events such as droughts, forest fires, heat waves and storms will probably bring about long-term financial damage in almost all spheres of human life by the end of this century.

According to a statement by the University College London, by 2100, the world’s GDP might be 37 percent lower than it would be without the impacts of global warming.

The publication added that depending on how economic growth is affected, the costs of this century’s warming might be as much as 51 percent of the world’s GDP.

Climate change causes damaging events, such the recent heat wave in North America and floods in Europe, much more likely to happen, the article noted.

For his part, the co-author of the study, Doctor Chris Brierley, said that it is necessary to better understand how climate alters economic growth to, even with the occurrence of long-term effects, reduce emissions as soon as possible.

The authors estimated the effects of these changes on the ‘social cost of carbon,’ a critical indicator of the urgency level to take climate measures that calculates the economic price of greenhouse gas emissions for society.

Therefore, they revealed that the economic damage might exceed three billion dollars per ton of carbon dioxide. jg/aph/jcm/cdg