The effects of a 3.2 degree Celsius warming would reduce global GDP by 18%, according to The Swiss Re Institute. The increase in global temperatures has already reached 1 degree Celsius and is accelerating. To contain global GDP losses to 4% by 2050, warming would have to be below 2 degrees Celsius.
In August, the Intergovernmental Panel on Climate Change launched the first installment of its Sixth Assessment Report. The document posits that the Paris Agreement goal of holding global warming well below 2 degrees Celsius above pre-industrial levels will not be achieved without “immediate, rapid and large-scale reductions in greenhouse gas emissions.”
World leaders met in November at COP26 to redouble their commitments to curb emissions. According to the Climate Ambition Tracker, global temperatures are set to rise between 1.8 and 2.4 degrees Celsius by 2100, depending on whether all decarbonization targets announced at COP26 will be implemented, with the risk of even more pronounced warming.