Climate change could cost $100 billion a year

By: Matt McGovern Email
By: Matt McGovern Email
These estimates don

The report says crop yields will fall by 2% per decade, as the rising temperature affects some of the world's major crops, such as rice, maze or wheat.

(CNN) - Tackling the effects of climate change could cost governments around the world more than $100 billion a year, a United Nations panel of experts said Monday.

A report by the U.N.'s Intergovernmental Panel on Climate Change, says that a temperature rise of 2 degrees Celsius will wipe out up to 2% of the world's income by 2050.

But it says the price tag could grow even higher if the world's governments fail to address the looming climate change.

The combined cost of crop losses, rising sea levels, higher temperatures and fresh water shortages could amount to between $70 and $100 billion a year, the report said.

But these estimates do not account for catastrophic scenarios, which researchers said tend to have the most devastating effect.

Typhoon Haiyan, which swept through Philippines in November, killed 6,000 people and cost more than $10 billion.

When severe floods hit parts of the UK earlier this year, the Federation of Small Businesses estimated the overall cost to businesses to be $1.3 billion. And according to the U.S. Department of Agriculture, the 2012 drought, the worst in 25 years, pushed up poultry prices by 5.5% and egg prices by 7%.

The report says crop yields will fall by 2% per decade, as the rising temperature affects some of the world's major crops, such as rice, maze or wheat.

Hope said that if people continue to emit greenhouse gasses into the atmosphere, the bill will grow for everyone.

The report, released in Yokohama, Japan, is the second part of the IPCC's benchmark assessment of climate change, a document released every six years. Nearly 1,000 scientists contributed to it.


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