Climate Change will reduce the eurozone’s GDP by up to 4% by 2030
Failure to act on climate change will take a heavy toll on the eurozone. According to a European Central Bank (ECB) study carried out on September – the first to look at the impact of climate stress on the euro economy – inaction to combat the climate emergency will, in the most extreme case, cut wealth by up to 4% by 2030 and by more than 10% by the end of this century. The analysis covers 1,600 eurozone institutions and 2.3 million non-financial firms. In particular, medium-sized European firms could see their profitability plummet by up to 40% by 2050…