Report: Climate change set to cut average income by 19% [Video]

London — 

Climate change will cut the average income of people around the world by one-fifth by 2050, according to a new report published in the journal Nature by the Potsdam Institute for Climate Impact Research.

As many parts of the world experience extreme weather, the global impacts of a changing climate are set to cost $38 trillion a year by the middle of the century, the report warns — a reduction in the world’s average income of some 19%.

The losses are already locked in, independent of future emission choices, the report says.

Maximilian Kotz, co-author of the report, told VOA there is little the world can do to mitigate the impact.

“What we find is that over the next 25 to 30 years, impacts on the economy are consistent across different emissions scenarios, …