AsiaOne has launched EarthOne, a new section dedicated to environmental issues — because we love the planet and we believe science. Find articles like this there. LONDON – Worsening droughts, storms and torrential rain in some of the world's largest economies could cause $5.6 trillion (S$7.8 trillion) in losses to the global economy by 2050, according to a report released...
LONDON – Worsening droughts, storms and torrential rain in some of the world's largest economies could cause $5.6 trillion in losses to the global economy by 2050, according to a report released on Monday .
But as climate change fuels more intense rainfall, flooding and drought in coming decades, these costs are set to soar, warns the report by engineering and environmental consultancy firm GHD. GHD assessed the water risks in seven countries representing varied economic and climatic conditions: the US, China, Canada, the UK, the Philippines, the United Arab Emirates and Australia.Using global insurance data and scientific studies on how extreme events can affect different sectors, the team estimated the amount of losses countries face in terms of immediate costs as well as to the overall economy.
The agricultural sector, vulnerable to both drought and extreme rainfall, could see $332 billion in losses by 2050. Other sectors facing major challenges are retail, banking and energy.
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