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Tuesday, March 28, 2023

Climate change could cost Germany up to €900bn by 2050

A study commissioned by the government on Monday, March 6, 2023, revealed that climate change can cost Germany up to €900 billion ($957 billion) by 2050.

Steffi Lemke
Steffi Lemke, German Minister for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection

The Environment Ministry, alongside the Economy and Climate Protection Ministry, put out a paper, which looked at several scenarios from 2022 to 2050 based on different levels of global warming.

The cheapest model suggested costs of €280 billion over the time span.

For the year 2050, a decrease of gross domestic product of 0.6 to 1.8 per cent can be expected due to climate change.

The scenarios are not exact predictions because aspects such as the reduction in the quality of life are hard to quantify economically.

“The costs of climate change may turn out to be much higher than determined by the scenarios in the model,” the study added.

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