WASHINGTON, Jan 20 — The transition to clean energy required to prevent temperatures from rising swiftly could shave 2 per cent off global GDP by 2050 but is likely recoverable before the end of the century, a report by natural resources consultancy Wood Mackenzie said today.
Benefits from limiting the rise in temperatures to 1.5 degrees Celsius, as called for by the United Nations, could boost global GDP, on aggregate by 1.6 per cent in 2050, the report said. But actions required to spur the transition to keep temperatures from going above that level could cut 3.6 per cent from GDP in 2050, resulting in the 2 per cent hit, the report said.
Economies such as Iraq that do not have financial reserves to invest in non-fossil fuel sectors could suffer the biggest losses in economic output, it said.
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