Climate change effects could cost Germany up to 900 billion euros by 2050 – report
(Clean Energy Wire, 6 Mar 2023) The consequences of climate change could cost Germany up to 900 billion euros by 2050, found a report by the Institute for Ecological Economy Research (IÖW), the Institute of Economic Structures Research (GWS) and consultancy Prognos AG.
More frequent extreme weather events such as extended hot periods and drought or heavy flooding could lead to a cumulative economic damage of between 280 and 900 billion euros in the country, depending on the severity of global heating, according to the report, which was commissioned by the German government. “There is an enormous need for climate adaptation funding,” Christiane Rohleder, secretary of state for the environment, said when presenting the results of the report. “The figures also show that without effective climate adaptation, the costs will be much higher,” she added.
In fact, potential damage costs could be reduced completely (if there is little warming) or at least by 60 percent (if there is much warming) through implementation of consequential climate policy and adaptation measures alone, Thomas Korbun, scientific director at IÖW, said. The implementation of more climate mitigation and adaptation measures will determine the intensity and costs of future consequences of the climate crisis, he added.