i) Risks to aggregate economic output would become severe at the global scale with high warming and minimal adaptation , with severity defined as the potential for persistent annual economic losses due to climate change to match or exceed losses during the world's worst historical economic recessions. With historically observed levels of adaptation, warming of ~4℃ may cause a 10-23% decline in annual global GDP by 2100 relative to global GDP without warming, due to temperature impacts alone . These magnitudes exceed economic losses during the Great Recession  and the COVID-19 pandemic  . Unlike past recessions, climate change impacts would occur continuously every year. However, smaller effects  are found when using
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report