A new study projects climate change damage to cost $38 trillion annually by 2050, with severe economic inequity.

Tropical regions and low-contributing countries to the climate crisis will be disproportionately affected.

Economic damages will primarily result from rising temperatures, necessitating immediate climate action.

The study calls for a rapid transition to renewable energy to avoid catastrophic outcomes.

Financial costs could double by 2100, with the world's poorest suffering disproportionately more.

Immediate carbon emissions reductions could limit global income loss to 20%, versus 60% if emissions rise.