Dhaka, April 18 -- A study by the Potsdam Institute for Climate Impact Research (PIK) published in the scientific journal Nature on Wednesday claimed that climate change is poised to wipe out some 20% of global GDP by 2050.

Researchers at PIK said their calculations were based on the prospect of countries such as Germany achieving their emissions-cutting goals. Currently, most countries look unlikely to achieve these targets, meaning the financial impact could be greater still than the drastic damage projected.

According to the study's calculations, the economic burden of climate change could reach $38 trillion (€35.6 trillion) annually, a sum six times higher than the estimated cost of limiting global temperatures to 2 degrees Ce...