By Jutta Wolf
BERLIN (IDN) – Global warming threatens to cause a huge economic damage to agriculture, adding up to the annual amount of roughly 0.8 percent of global GDP by the end of the century, which translates to losses of $2.5 trillion dollars, warns a new study.
But further trade liberalization in agricultural commodities could reduce financial damage globally by 65 percent, to 0.3 percent of global GDP (Gross Domestic Product), says Miodrag Stevanovićby, lead author of the study by a team of scientists of the Potsdam Institute for Climate Impact Research (PIK).