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UN draft climate report: economic impacts

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Marlowe Hood, Kelly Macnamara and Patrick Galey, Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/06/23/20210617-climate-change-reinsurance-coal.jpg"/><figcaption>A leaf sits on top of a pile of coal in Youngstown, Ohio, U.S., September 30, 2020. <em>Shannon Stapleton, Reuters/File Photo</em></figcaption></figure></div><p>PARIS - Climate change is already taking a toll on the global economy, and forecasts predict worse to come by mid-century, according to a draft report by the UN&#x27;s Intergovernmental Panel on Climate Change (IPCC), seen exclusively by AFP. </p><p>Here are some of the report&#x27;s findings on economic impacts:</p><div><strong>Global</strong></div><p>- Climate-boosted extreme weather events -- cyclones, droughts, - flooding -- have already sapped both short- and long-term economic growth, especially in developing countries.</p><p>- Average global economic damage due to floods over the last several decades has averaged $50 billion (42 billion euros) to $350 billion annually, depending on methods of calculation</p><p>- In a worst-case scenario, if Earth&#x27;s temperature rises four degrees Celsius above pre-industrial levels, global GDP could decline 10 to 23 percent compared to a world without warming</p><p>- Expected damages for 136 major coastal cities were calculated at between $1.6 trillion and $3.2 trillion by 2050 in a worst-case scenario without adaptation</p><p>- Storm surges enhanced by sea-level rise threaten more than 40 percent of coastal nuclear power plants worldwide</p><p>- Nearly 14 percent of the world&#x27;s sandy beaches face severe erosion by 2050 under a moderate greenhouse gas emissions scenario </p><div><strong>Africa</strong></div><p>- Heat and scarce rain are adding obstacles to Africa&#x27;s development path.</p><p>- Per capita GDP for Africa would have been nearly 14 percent higher over the period 1991-2010 without manmade global warming</p><p>- A decline in rainfall from 1960 to 2000 -- attributed in part to climate change -- widened the GDP gap between Africa and the rest of the developing world by 15 to 40 percent </p><p>- Adaptation costs in Africa are projected to increase tens of billions of dollars per year if global warming exceeds two degrees Celsius</p><p>- Capping global warming at 1.5 degrees Celsius rather than two degrees would increase per capita GDP five percent across nearly all African countries by mid-century, and up to 20 percent by 2100</p><p><strong>Asia-Pacific</strong><br/> <br/>- Rising sea levels are threatening to cause havoc across Asia-Pacific, from Bangladesh to China to Australia.</p><p>- In South Asia, water-related impacts of climate change are expected to reduce GDP up to 2.5 percent by 2050 if global warming exceeds two degrees Celsius</p><p>- Asia could experience direct losses of nearly $170 billion with half-a-meter of sea-level rise, and damages will be concentrated in China. The IPCC projects sea level rise up to 1.1 meters by 2100</p><p>- In Bangladesh, one-third of power plants may need to be relocated by 2030 due to sea-level rise</p><p>- Climate-induced loss in Australian agricultural and labor productivity could exceed $14 billion by 2030 and $159 billion by 2050 </p><div><strong>Elsewhere</strong></div><p>- Melting Arctic ice and other climate calamities loom large over Russia, Europe and the United States.</p><p>- Damages from multiple climate hazards to transport, energy, industry and social infrastructure in Europe could triple by 2030, and increase tenfold by 2100 </p><p>- In Russia, nearly 20 percent of critical infrastructure will be damaged by degraded permafrost by 2050</p><p>- Under a worst-case emissions scenario, hundreds of billions of dollars in annual economic damages in the United States are anticipated by 2090</p><p>- By mid-century, regardless of emissions scenario, permafrost thaw across the Arctic region is projected to damage nearly 70 percent of infrastructure</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/03/30/21/climate-change-will-deepen-rich-poor-global-divide-top-economists-warn">Climate change will deepen rich-poor global divide, top economists warn</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1647260" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Climate change is already taking a toll on the global economy, and forecasts predict worse to come by mid-century, according to a draft report by the UN's Intergovernmental Panel on Climate Change (IPCC), seen exclusively by AFP. </p>

Climate change is already taking a toll on the global economy, and forecasts predict worse to come by mid-century, according to a draft report by the UN's Intergovernmental Panel on Climate Change (IPCC), seen exclusively by AFP.

UN draft climate report: economic impacts

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UN draft climate report: economic impacts

Marlowe Hood,

Kelly Macnamara and Patrick Galey,

Agence France-Presse

Published Jun 23, 2021 09:32 AM PHT

Read More:

ANC

ANC Top

Climate change

climate change impact

economy

sea level rise

drought

weather disturbance

GDP

Africa

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