The authors of a study that examined climate change's potential effect on the global economy said Wednesday that data errors led them to slightly overstate an expected drop in income over the next 25 years.
The researchers at Germany's Potsdam Institute for Climate Impact Research, writing in the journal Nature in 2024, had forecast a 19% drop in global income by 2050. Their revised analysis puts the figure at 17%.
The authors also said in their original work that there was a 99% chance that, by midcentury, it would cost more to fix damage from climate change than it would cost to build resilience. Their new analysis, not yet peer-reviewed, lowered that figure to 91%.
The Associated Press reported on the original study. Nature posted a retraction of it Wednesday.
The researchers cited data inaccuracies in the first paper, particularly with underlying economic data for Uzbekistan between 1995 and 1999 that had a large influence on the results, and that their analysis had underestimated statistical uncertainty.
Max Kotz, one of the study’s authors, told the AP that the heart of the study is unchanged: Climate change will be enormously damaging to the world economy if unchecked, and that the impact will hit hardest in the lowest-income areas that contribute the fewest emissions driving the planet's warming.
Gernot Wagner, a climate economist at Columbia Business School who wasn't involved with the research, said the thrust of the Potsdam Institute's work remains the same “no matter which part of the range the true figure will be.”
“Climate change already hits home, quite literally. Home insurance premiums across the U.S. have already seen, in part, a doubling over the past decade alone,” Wagner said. “Rapidly accumulating climate risks will only make the numbers go up even more.”
Alexa St. John is an Associated Press climate reporter. Follow her on X: @alexa_stjohn. Reach her at ast.john@ap.org.
The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
FILE - People watch the sunset from the Liberty Memorial grounds in Kansas City, Mo., May 12, 2025. (AP Photo/Charlie Riedel, File)
NEW DELHI (AP) — Russian President Vladimir Putin is set to hold talks with Indian Prime Minister Narendra Modi on Friday at an annual summit aimed at strengthening bilateral ties on the second day of his state visit.
The 23rd Russia-India Summit comes at a pivotal moment as the United States pushes for a Ukraine peace deal while seeking global cooperation. They will test New Delhi’s efforts to balance relations with Moscow and Washington as the nearly four-year war in Ukraine grinds on.
Putin was received by Modi at an airport in New Delhi on Thursday, who gave the visting leader a bear hug and a tight handshake with the gusto of an old friend.
According to Indian officials involved in the preparation for the summit, the agenda includes talks on defense, energy and labor mobility.
While India has historically maintained deep ties with Russia, critics say Putin’s visit could strain relations with the European Union and the United States and might jeopardize negotiations for major trade agreements with both that are seen as critical for India’s exports.
U.S. President Donald Trump raised tariffs on Indian goods to 50% in August, citing New Delhi's discounted Russian oil. India has been the second biggest importer of Russian crude after China.
The U.S. says purchases of Russian oil help finance Moscow’s war machine. In October, U.S. sanctioned two of Moscow’s biggest oil producers to force countries like India to cut down on imports. Indian officials have said New Delhi has always abided by international sanctions and would do so in the case of Russia oil purchases as well.
India and the U.S. set a target for the first tranche of a trade deal by the fall, but the deal hasn’t come through yet amid strains in relations.
India is also in the final stages of talks on a trade agreement with the EU, which sees Russia's war in Ukraine as a major threat.
In his meeting with Putin, Modi is likely to push for faster delivery of two further more Russian S-400 surface-to-air missile systems. It has already received three under a 2018 deal worth about $5.4 billion. The delay has been tied to supply chain disruptions linked to the war in Ukraine.
The two sides signed a pact in February to improve military cooperation, exercises, port calls, disaster relief assistance and logistics support. Moscow’s State Duma ratified the same ahead of Putin’s India visit.
Talks are also expected on upgrading India’s Russian-made Su-30MKI fighter jets and accelerating deliveries of critical military hardware.
Trade is also expected to be a major point in talks.
Bilateral trade between the two countries stood at $68.7 billion in the last fiscal year ended March, while the aim is to boost it to $100 billion by 2030. The trade is heavily skewed in favor of Russia with deep deficits for India, which it is looking to bridge by pushing exports.
India is keen to increase exports of pharmaceuticals, agriculture and textiles to Russia and is seeking the removal of non-tariff barriers. New Delhi is also seeking long-term supplies of fertilizers from Moscow.
Another key area where the two countries are expected to finalize an agreement is the safety and regulation of migration of Indian skilled workers to Russia.
Putin last visited India in 2021. Modi was in Moscow last year, and the two leaders briefly met in September in China during a Shanghai Cooperation Organization summit.
Hussain reported from Srinagar, India.
Russian President Vladimir Putin, center, shakes hands with Indian President Droupadi Murmu as Indian Prime Minister Narendra Modi, right, looks on during a ceremonial reception at the Rashtrapati Bhavan in New Delhi, India, Friday, Dec. 5, 2025. (AP Photo)
Russian President Vladimir Putin, center, poses for a photograph with Indian Prime Minister Narendra Modi, right, and Indian President Droupadi Murmu during a ceremonial reception at the Rashtrapati Bhavan in New Delhi, India, Friday, Dec. 5, 2025. (AP Photo)
Russian President Vladimir Putin gestures during an interview with journalists and executives of Aaj Tak and India Today TV channels at the Kremlin in Moscow, Russia, Wednesday, Dec. 3, 2025. (Vyacheslav Prokofyev/Sputnik, Kremlin Pool Photo via AP)
Russian President Vladimir Putin, right, speaks during an interview with journalists and executives of Aaj Tak and India Today TV channels at the Kremlin in Moscow, Russia, Wednesday, Dec. 3, 2025. (Vyacheslav Prokofyev/Sputnik, Kremlin Pool Photo via AP)
Russian President Vladimir Putin, left, and Indian Prime Minister Narendra Modi sit inside a limousine as they arrive at the Indian Prime Minister office in New Delhi, India, on Thursday, Dec. 4, 2025. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)
