A recent study published in the magazine Nature by the Potsdam Climate Impact Research Institute in Germany has predicted that the effects of climate change will reduce average income by 18% in Spain by 2050. This is a higher percentage than in France (13%) and Italy (15%). The author of the study, Maximilian Kotz, explains that Spain is more susceptible to heat due to its warmer climate compared to other European countries. Stronger declines in agricultural and labor productivity are expected with the higher temperatures.
The report also predicts that the hottest regions of Spain will experience more days per year that exceed productivity thresholds. Changes in precipitation patterns and other climatic extremes such as storms and forest fires will further impact income reductions. The study collected data from 1,600 regions worldwide over the past four decades and made projections for the next 26 years. The most affected regions globally will be in North America and Europe, with the southern regions of Asia and Africa experiencing the highest impact due to their existing climatic conditions.
According to Wenz, lead scientist on the project, global cooperation and action are needed now more than ever to address climate change’s economic consequences. She highlights that countries with lower incomes but less responsibility for climate change are expected to suffer a 60% greater loss of income compared to countries with higher incomes. By mid-century, scientists estimate that global economic losses could reach $38 billion annually due to climate impacts, with a potential 19% reduction in income worldwide by then.
