A study commissioned by the German federal government showed that the intensification of extreme natural phenomena as a result of climate change could cost Germany about 1,000 billion Euros by 2050.
According to the report, the consequences of climate change such as floods or heatwaves could cost Europe’s largest economy €910 billion if adaptation measures are not taken, reports Al-Rai daily.
The Ministry of Economy and Climate said the figure was only “low estimates” of potential consequences because the analysis model used for the study could not take into account all possible impacts of climate change.
For example, the additional deaths, the deterioration of the quality of life and the extinction of many species of animals and plants were not taken into account, “despite their extreme importance,” as the ministry explained. Thus, the real cost of climate change is expected to be “much higher” than the study estimates.
In the event of “weak climate change”, the costs will reach 280 billion euros if measures are not taken to adapt to the high temperatures. Actions outlined in the report range from developing climate-resistant plant varieties to better irrigation, to investing in public research. Together, they can fully offset the costs of “weak climate change” and mitigate the most severe scenario by up to 60 percent.
German Minister of State for Economics and Climate Stefan Wenzel said in a statement that the study underscores the need for an “ambitious” climate policy starting now with the aim of sparing future generations a burden. “Climate change has left major economic consequences that could be exacerbated,” he added.
According to the report, Germany incurred 145 billion euros in climate-related expenditures between 2000 and 2021, more than half of it since 2018.
In the year 2021, historic floods hit the country and caused damages worth 40 billion euros, according to the study. These phenomena could “repeat faster” and Germany “by the middle of the century” could incur similar costs “every year”.
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