Climate change could slash over 5% from Italy’s GDP by 2050 if no action is taken, according to the national budget watchdog, highlighting the urgent need for global emissions cuts.
The watchdog said the fiscal impact of such disasters could jump from 0.2% of GDP in 2024 to 5.1% by mid-century. However, if global carbon-neutrality goals are met, the damage could be limited to just 0.9%.
Recent years have seen floods and droughts wreak havoc across Italy, particularly affecting the less developed southern regions. The report notes that the frequency of extreme weather events in 2050 could be six times higher without policy changes and twice as high under a carbon-neutral scenario.
UPB President Lilia Cavallari emphasized the need for coordinated international action, warning that isolated efforts to tackle climate change may prove both ineffective and expensive. The report also highlighted the growing cost of government subsidies aimed at supporting the transition to cleaner energy sources.
Russia and Ukraine are coordinating dates for a new negotiation round in Istanbul, with both sides awaiting timeline proposals, Kremlin spokesman Dmit...
Afghan leaders seek deeper economic and political engagement with Azerbaijan during the 17th ECO Summit in Baku, as both nations discuss trade, infras...
Russia actively shifted its trade focus away from Europe and the United States, redirecting it toward markets in friendly countries—primarily China,...
Fast fashion retailer Shein has been fined €40 million ($47.17 million) by France’s antitrust watchdog for allegedly having misleading discounts a...
Portuguese footballer Diogo Jota, a forward for Liverpool, has died in a car crash in Spain at the age of 28, just days after his wedding....
Afghan leaders seek deeper economic and political engagement with Azerbaijan during the 17th ECO Summit in Baku, as both nations discuss trade, infrastructure, and diplomatic ties.
Portuguese footballer Diogo Jota, a forward for Liverpool, has died in a car crash in Spain at the age of 28, just days after his wedding.
Australia has finalised a AU $2 billion ($1.3 billion) purchase of U.S. made supersonic missiles, reinforcing its commitment to defence investment while stopping short of U.S. calls to adopt a higher military spending target.
U.S. President Donald Trump has announced a reduced 20% tariff on many Vietnamese exports, down from a previously planned 46%, in what he described as a new trade framework with Hanoi.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Global temperatures in 2024 exceeded the crucial 1.5°C threshold above pre-industrial levels for the first time, marking a serious warning for the world’s climate goals under the Paris Agreement, scientists said.
Wildfires and a severe heatwave sweeping across Europe have claimed the lives of two people in Spain and another two in France, while also causing the shutdown of a nuclear reactor in Switzerland.
Azerbaijan, Kazakhstan and Uzbekistan have established a joint venture to implement the Green Energy Corridor: Azerbaijan–Central Asia project aimed at building infrastructure for clean energy transmission and strengthening a regional energy cooperation.
A Clean Energy Centre will be officially launched during the 17th Economic Cooperation Organization (ECO) Summit, to be hosted by Azerbaijan this week, announced Asad M. Khan, Secretary General of the ECO.
The European Union plans to cut greenhouse gas emissions by 90% by 2040 and, for the first time, allow limited use of foreign carbon credits to meet the target.
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