New study says climate change will make you poorer [Video]

(CNN) – Global warming may be burning a hole in the world’s wallet.

According to a study published Wednesday in the journal, “Nature,” climate issues are expected to cause $38 trillion worth of economic damage by the year 2050.

If correct, that translates to a roughly 20% fall in global income over the next 26 years.

Researchers say extreme weather can get expensive with damage repair needed after severe flooding and raging wildfires.

Other weather-related issues, like record-breaking heatwaves, can result in crop losses and less labor productivity.

The study argues that the economic drop would lessen if all the nations took part in the Paris climate agreement.

The United Nations says the Earth will see a rise of close to three degrees of warming over the next century.

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