This Is How the Climate Crisis Affects Economies Worldwide
A report highlights the substantial human and environmental costs of the climate crisis, as well as its impact on livelihoods and businesses. Improved warnings and disaster management have led to a decrease in the number of lives lost due to climate-related events. However, there is no escaping the significant costs associated with the climate crisis.
The failure to mitigate climate change is listed as one of the main threats in the World Economic Forum's Global Risks Report for 2023. A staggering 70% of respondents consider existing measures to prevent or prepare for climate change as either "ineffective" or "highly ineffective." The report emphasizes the challenges of addressing this global risk, despite decades of global climate advocacy and diplomacy.
Both environmental and economic losses are important, particularly due to their uneven impact on different communities. Various countries and regions are disproportionately affected. For instance:
- China reported direct economic losses of over $42 billion in the first nine months of 2023 from natural disasters, such as torrential rains, landslides, hailstorms, and typhoons.
- The primary contributor to the damage was tropical cyclones, followed by floods and droughts.
- In Africa, disasters from 1970-2021 resulted in $43 billion in economic losses, with droughts accounting for 95% of deaths.
- For South America, the losses totaled $115.2 billion, and for North America, Central America, and the Caribbean, it was $2 trillion.
- Europe reported costs of $562 billion in losses, with 8% of global disaster deaths occurring in Europe.
The Intergovernmental Panel on Climate Change predicts that climate-related extreme events will become more frequent and severe. As a response, the United Arab Emirates will host the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) from November 30 to December 12. The United Nations' global chief heat officer has called for firm commitments at the summit to address rising temperatures in cities.
The article highlights the need for solutions and concrete actions to tackle the climate crisis and its economic repercussions.
#ClimateCrisis, #EconomicImpact, #GlobalWarming, #UNConference, #ClimateChangeMitigation
