Climate Change Could Cost Nations 19% of GDP by 2030: New Report
photo: Flynn Wynn via flickr.
Here's the latest study estimating the impact on nations' economies under different climate change scenarios. The bad news, according to the Economics of Climate Adaptation Working Group's Shaping Climate Resistant Development report, is that by 2030 climate risks could cost nations 19% of GDP, with developing nations most vulnerable. The good news: Existing cost-effective measures exist that can prevent 40-68% of expected economic losses:The report looked at estimated economic losses in eight different case study regions (China, United States, Guyana, Mali, United Kingdom, Samoa, India, and Tanzania) and under three different scenarios -- under today's climate (no further climate change impact), moderate climate change (middle of the road climate projections), high climate change (the outer range considered possible by 2030).
In all cases the study found that cost effective measures exist to reduce economic losses due to climate change, with adaptation measures on average costing less than 50% of the avoided economic loss.
Drought in India = $7 Billion in Agricultural Losses
One example: In India the report estimates that by 2030 significant drought could produce countrywide agricultural losses of more than $7 billion, decreasing the income of 10% of the population. Under the high climate change scenario, severe droughts occurring historically every 25 years could happen every eight. However, referring to the state of Maharashtra, mitigation measures such as more efficient irrigation, better drainage construction and crop engineering could eliminate much of this loss due to drought.
Florida to Lose $33 Billion per Year
Think that sort of impact only could happen 'over there'? The report also estimates that by 2030 Florida could see an estimated annual loss of $33 billion (more than 10% of state GDP) due to increased hurricanes.
Read the full report: Shaping Climate-Resilient Development
Climate Change Mitigation
African Leaders to Ask for $67 Billion per Year in Climate Change Mitigation Funds
Preparing for the Worst: Adaptation Becoming Crucial Part of Climate Change Plans
Costs of Adapting to Climate Change Double-to-Triple UN Estimates, New Report Says