Report: Climate change set to cut average income by 19%

London — Climate change will cut the average income of people around the world by one-fifth by 2050, according to a new report published in the journal Nature by the Potsdam Institute for Climate Impact Research. As many parts of the world experience extreme weather, the global impacts of a changing climate are set to cost $38 trillion a year by the middle of the century, the report warns — a reduction in the world’s average income of some 19%. The losses are already locked in, independent of future emission choices, the report says.