By 2050, climate change may cause $12.5 trillion in economic losses and an additional 14.5 million deaths, a new report by the World Economic Forum in conjunction with Oliver Wyman has found.
The report, Quantifying the Impact of Climate Change on Human Health, explored the indirect impact climate change is likely to have on human health, the global economy and healthcare systems around the world, as well as offering strategy suggestions to mitigate and prepare for this impact.
The health consequences of climate change alone, both in terms of health outcomes and economic costs, is estimated to add an extra $1.1 trillion in costs alone, the report found.
“While there has been much discussion about the impact of climate change on nature and the global economy, some of the most pressing consequences of the Earth’s rising temperatures will be on human health and the global healthcare system,” said Shyam Bishen, head of the Centre for Health and Healthcare and member of the Executive Committee at the World Economic Forum.
“Recent progress will be lost unless critical emission reduction and mitigation measures are improved, and decisive global action is taken to build climate resilient and adaptable health systems.”
Climate effect on health and inequality
Flooding was found to pose the highest acute risk of climate-induced mortality, according to the report, accounting for 8.5 million deaths by 2050, while droughts linked to extreme heat are likely to lead to an anticipated 3.2 million deaths.
Heatwaves are also likely to have a significant economic impact, estimated at $7.1 trillion by 2050 due to the loss in productivity.
Climate change is also likely to lead to a significant rise in climate-sensitive disease outcomes, including vector-borne disease, which will impact regions previously less affected by said diseases, including Europe and the United States.
By 2050, an extra 500 million people could face an increased risk of exposure to vector-borne diseases, it noted.
Elsewhere, climate change is likely to ‘further entrench’ global health inequalities, particularly among vulnerable populations in Africa and Southern Asia.
Multi-stakeholder collaboration
Despite these challenges, suggests that if stakeholders take ‘decisive, strategic action’, the worst effects of climate change can be mitigated to some degree.
Key actions include enhanced collaboration among stakeholders across borders and industries, coupled with a comprehensive transformation of the global health system to enhance resilience, adaptability, and equity.
“Our analysis sheds light on the profound impact of climate change on mortality, morbidity and the interconnected macroeconomic landscape, with healthcare systems alone likely having to bear an additional cost of $1.1 trillion due to climate change,” commented Sam Glick, global leader of Health and Life Sciences at Oliver Wyman.
“It is clear that we need sustained action if we are to mitigate the far-reaching consequences of climate change and ensure a healthy future for all.”
A glimpse into the top #risks identified by more than 1,400 leaders and experts as we head into #WEF24 > https://t.co/soGFtgNe9h pic.twitter.com/d2U7g1ihVR
— Oliver Wyman (@OliverWyman) January 14, 2024
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