The global economy may experience slower growth than previously anticipated, according to recent forecasts. This could have significant implications for efforts to combat climate change and adapt to rising temperatures. A study by the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection (BMUV) suggests that in the worst-case scenario, Germany could face additional costs of up to €900 billion by 2050. Researchers at the Cooperative Institute for Research in Environmental Sciences (CIRES) at the University of Colorado Boulder have now investigated the impact of slower economic growth on climate change mitigation efforts. They used two economic models to predict global economic growth and income development in different countries over the next century. Both models suggest that the world economy will continue to grow, but at a slower pace than expected. This will exacerbate existing inequalities between rich industrialized countries and poor developing countries.
Many developing countries already receive economic assistance to finance measures against the effects of climate change. However, slower economic growth could mean that countries like Germany will not have sufficient resources to support these measures in the future. The researchers argue that it is essential for wealthy countries to stabilize their finances to continue to support poorer countries. However, many wealthy countries are accustomed to growing their way out of debt, which may not be possible with slower economic growth. The authors therefore ask how industrialized countries can help developing countries if they cannot achieve the necessary prosperity quickly enough on their own.
In conclusion, slower economic growth could have significant implications for efforts to combat climate change and adapt to rising temperatures. Wealthy countries must stabilize their finances to continue to support poorer countries in their efforts to mitigate the effects of climate change.
