UN Report: Climate Inaction Costs $1.5 Trillion Annually

A new assessment by the United Nations Environment Programme (UNEP) and the Climate and Clean Air Coalition reveals that governments and investors are losing over $1.5 trillion annually due to inaction on climate change and air pollution, equivalent to about 0.5 percent of global GDP. The report, published on September 8 for the International Day of Clean Air for Blue Skies, states that every $1 spent on tackling both issues could generate approximately $15 in economic benefits.

The assessment, titled "Hidden Assets: The Economic and Health Case for Climate and Clean Air Action," is the first comprehensive global economic evaluation of integrated climate and clean-air action. It examined 25 measures across various sectors, predicting that annual economic benefits could reach 2.8 percent of global GDP by 2035, 4.5 percent by 2050, and 11.4 percent by 2100.

UNEP Executive Director Inger Andersen stated that clean air is essential for development and health, while Elliott Harris, independent co-chair of the assessment, emphasized the significant financial returns from integrated action.