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Global warming is a major threat to human life and the economy

Myth

The effects of global warming are being exaggerated. Ambitious climate protection is detrimental to the economy and growth.

Facts

Climate protection measures are an investment in our future and provide opportunities for the economy. In contrast, the high costs of damage caused by global warming are a burden for national budgets and many economic sectors. Calculations for Austria show potential annual costs as high as 8.8 million euros by 2050.

Natural disasters – signs of global warming

Damage is increasing and becoming more expensive.

  • Meteorological events
  • Hydrological events
  • Climatological events

Source: Munich Re, Geo Risks Research, NatCatSERVICE, January 2015

Global warming is already causing high economic costs. An average of about 1 billion euros can be attributed each year to climate and weather-induced extreme events in Austria. According to the Cost of Inaction (COIN) study these annual costs could increase to more than 8 billion euros by 2050. Besides the agricultural sector, the health system, energy supply and winter tourism are most severely affected. Munich Re has noted a significant increase in the number of climate-related events in the past decade. Global warming is seen as one of the main causes for this development.

In contrast, investment in climate protection measures offers enormous opportunities. In a low-carbon economy, wealth and climate protection are not a contradiction, but go hand in hand. Many studies show that climate pioneers, such as Sweden, Denmark and Germany, are benefiting economically as market leaders with a booming job market.