Climate crisis: average world incomes to drop by nearly a fifth by 2050

The cost of environmental damage will be six times higher than the price of limiting global heating to 2C, study finds

Average incomes will fall by almost a fifth within the next 26 years as a result of the climate crisis, according to a new study that shows the costs of damage are six times higher than the price of limiting global heating to 2C.

Rising temperatures, heavier rainfall and more frequent and intense extreme weather are projected to cause $38tn (£30tn) of destruction each year by mid-century, shows the research published in the journal Nature, which is the most comprehensive analysis of its type ever undertaken.