The economic commitment of climate change

The article examines how climate change will affect the global economy in the coming decades. It uses empirical data from over 1,600 regions worldwide to project the economic damages caused by temperature and precipitation, including daily variability and climatic extremes. It is found that, regardless of future emission choices, the global economy will experience a 19% income reduction over the next 26 years. These damages already exceed the mitigation costs needed to limit global warming to 2°C.