ADB: High-emissions scenario to cut PHL GDP

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THE Philippine economy stands to lose as much as 18.1 percent of its GDP by 2070 under a "high-emissions scenario” that could worsen the impact of climate change in the country, according to the Asian Development Bank (ADB).

If the climate crisis continues to accelerate, up to 300 million people in the region could be threatened by coastal inundation, and trillions of dollars of coastal assets could be damaged annually by 2070.“Climate change has supercharged the devastation from tropical storms, heat waves, and floods in the region, contributing to unprecedented economic challenges and human suffering,” said ADB President Masatsugu Asakawa.“Urgent, well-coordinated climate action that addresses these impacts is needed before it is too late.

The report noted that petroleum demand will increase by 2 percent in 2035; 4 percent in 2050; and 6.7 percent in 2070.

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Article Details

Author / Journalist: Cai U. Ordinario

Category: BusinessStartups

Markets: Philippines

Topics: Scenario 2070 Percent Million 2050 Productivity 2035 Billion Climate Change Report

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 16:08:00 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1175 words

Reading Time: 7 minutes read

Sentences: 39 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23351423

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