Official and Neutral Report on Climate Change Impact on Bangladesh's GDP

 Official and Neutral Report on Climate Change Impact on Bangladesh's GDP

Headline: Climate Change Depletes GDP by 9.4% in 2022: Study

A report released by the J Mangone Climate Change Science and Policy Hub at the University of Delaware reveals that Bangladesh experienced a substantial decrease of 9.4% in its total GDP in 2022. The study emphasizes the global impact of climate change on GDP and capital and coincides with the commencement of COP28.

Key Findings

1. GDP Impact in 2022:

   • Bangladesh witnessed a 9.4% decrease in its total GDP in 2022, with potential fluctuations within a range of 7% to 12%.
   • The study points out that climate change played a significant role in influencing GDP globally during the specified period.

2. Comparison with South Asian Countries:

   • Bangladesh registered the second-highest GDP loss among South Asian countries, following Myanmar, with a GDP loss of 13.6%, which is among the highest worldwide.
   • Sri Lanka experienced a 9% GDP loss, while India and Nepal each suffered an 8% GDP loss. Maldives and Pakistan recorded GDP losses of 8.6% and 2.2%, respectively.

3. Global Impact:

   • Globally, climate change resulted in a population-weighted GDP loss of 6.3% in 2022, considering direct, spill-over, and capital losses.
   • The unweighted percentage of global GDP loss is estimated at 1.8%, approximately $1.5 trillion, highlighting the uneven distribution of impacts.

4. Regional Impact:

   • Southeast Asia and Southern Africa are particularly affected, with countries losing an average of 14.1% to 11.2% of their GDP, respectively.

5. Global Inequalities and Disproportionate Burden:

   • The report emphasizes that climate change exacerbates existing global inequalities, with high-income countries, including European nations, experiencing net gains in GDP.
   • Developing nations bear a disproportionate burden, with a total loss estimated at $21 trillion since 1992 when combining GDP and capital losses.

6. UN Framework Convention on Climate Change (UNFCCC):

   • All party groupings under the UNFCCC, except for the EU, have experienced total losses. The G77, including high-income countries such as Saudi Arabia and the UAE, faced losses of $29 trillion.

Conclusion

The report underscores the severe impact of climate change on Bangladesh's GDP and highlights the broader global consequences. The findings emphasize the urgent need for international collaboration to address climate change and mitigate its adverse effects on economies, particularly in vulnerable regions.

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