A Group of UK Universities have done a new algorithm-based study. That study predicted that approx 63 countries rated by the likes of S&P Global, Moody’s & Fitch can see their Credit Rating cuts as of climate change by 2030.
See What Researchers Researched?
Cambridge University, London-based SOAS, and the University of East Anglia take a look at a “realistic scenario”. Also Known as RCP 8.5, where polluting emissions including carbon continues to rise in the coming decade.
The Study releases that, “We find that 63 sovereigns suffer climate-induced downgrades. The downgrade of approx 1.02 notches by 2030. Rising to 80 sovereigns facing an average downgrade of 2.48 notches by 2100.”
Hit Countries in the List are: Malaysia, China, Mexico,and Chile. These four countries can see 6 notches of downgrades by end of century. Whereas, United States, India, Germany, Canada Australia, and Peru can see four downgrades.
“Our results show that virtually all countries, whether rich or poor, hot or cold, will suffer downgrades if the current trajectory of carbon emissions is maintained.”
Image Source: REUTERS