Deloitte: Climate change will cost $178T by 2070

by M. Cohn, May 23, 2022 in AccountingToday

Climate change could cost the global economy $178 trillion over the next 50 years, or a 7.6% cut to global gross domestic product in the year 2070 alone, according to estimates from Deloitte.

A report released Monday by the Big Four firm in conjunction with the World Economic Forum’s annual meeting in Davos, Switzerland, also acknowledged the human costs of the climate crisis. If global warming reaches approximately 3 degrees Celsius by that point, the toll on human lives could be significant, disproportionately affecting the most vulnerable and leading to loss of productivity and employment, food and water scarcity, declining health and well-being, and ushering in an overall lower standard of living across the world.