UN: Climate change creates serious economic risks

In the "Global Trade Update: November 2026" report of the United Nations Trade and Development Agency (UNCTAD), it was reminded that the global temperature increase reached 1.4 degrees last year compared to the pre-industrial period average, and thus, the 11 hottest years on record were recorded in the period 2015-2025.

The report noted that it is predicted that the global temperature increase will exceed the target of 1.5 degrees in the Paris Agreement, compared to the pre-industrial average, and stated that climate change has already created serious economic risks.

LOSS ESTIMATES ARE HIGHER IN LOW-INCOME COUNTRIES CLOSER TO THE EQUATOR

The report warned that if the global temperature increase reaches 3 degrees above the pre-industrial average, economic losses could be equivalent to 10 percent of the global Gross Domestic Product (GDP), and in low-income countries located closer to the equator, these losses could reach 17 percent of GDP.

Pointing out that trade opportunities related to low-carbon and sustainable industries are increasing, the report shared the information that global exports of goods linked to solar and wind energy value chains among these technologies will exceed 1.8 trillion dollars in 2025 and grow faster than the exports of other manufacturing industry products.

"COMMITMENTS MUST BE IMPLEMENTED FASTER"

UNCTAD called for faster implementation of commitments in this field, including commercial cooperation to improve access to climate technologies in order to prevent economic losses caused by climate change, and pointed out that access to climate technologies at affordable costs is mandatory in order to adapt to climate change and reduce emissions.