A lack of action in combatting climate change over the next 30 years could cause the global economy to shrink by some 18%.

This is as the global temperatures will possibly rise to over 3°C and the impact of weather-related natural disasters will be more severe, thereby leading to substantial income and productivity losses over time, a report by the Swiss Re Institute reveals.

To illustrate this, the researchers use the example of how heat stress- which occurs when temperatures are high – could lead to crop failures.

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