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The climate crisis is far worse for the global economy than the pandemic.

Posted by Maria Cristina Chiulli on

The economic crisis due to the coronavirus pales in comparison to the one that awaits us if we don't act now against global warming. As a result of the pandemic, the economies of G7 countries contracted by an average of 4.2 percent. The human cost has been substantial. 

Climate change will also overwhelm our activities in many ways, from declining agricultural productivity to cities threatened by rising sea levels and more extreme weather events. According to data, in the absence of more incisive actions to counter global warming, for the G7 nations is expected a collapse in GDP of 8.5 percent per year from now until 2050. Practically the double of that due to the pandemic, for a value of 4,800 billion dollars sent up in smoke. 

The economic case for climate action is clear. What is needed now is for G7 governments to act decisively over the next nine years to cut emissions and increase climate finance. Proportionally, the G7 countries appear to be almost privileged, given that India is expected to see its economy contract by 27% by 2050 and the Philippines by 35%. For Australia, South Africa and South Korea a drop in GDP is estimated at 12.5%, 17.8% and 9.7% respectively. The economic disruption predicted in wealthy G7 countries is just the tip of the iceberg: many poorer parts of the world will see an increase in deaths, hunger and poverty as a result of extreme weather. 

This year could be a turning point if governments take up the challenge to create a safer and more livable Planet for all. As governments, scientists and institutions find and implement solutions, all of us as individuals can contribute to the health of the planet. Adopt an eco-friendly lifestyle, use renewables and eco mobility, eat local vegan organic food, replace single-use plastics with reusable natural alternatives. Try our eco-friendly products for a sustainable everyday life, Say Yes to Life, Earth Thanks! 🌿

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