Climate change may cut Asia-Pacific GDP by up to 41% by 2100: ADB

Quick Summary:

On the mitigation front, the report notes the region’s readiness to embrace renewable energy as part of the transition to net zero, while domestic and international carbon markets can facilitate cost-effective climate action.“Urgent, well-coordinated climate action is needed before it’s too late.

Annual damages are projected to reach a median of $3 trillion by 2070, with India alone expected to face damages exceeding $1,200 billion under high emissions scenarios.

India alone could face a 24.7 per cent GDP loss by 2070, while neighbouring countries like Bangladesh (–30.5 per cent), Vietnam (–30.2 per cent), and Indonesia (–26.8 per cent) may see even steeper declines.

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Category: BusinessFinance

Markets: IndiaBangladeshChinaIndonesiaVietnam

Topics: Climate change GDP impact Asia India GDP loss climate change Labour productivity loss climate ADB climate report 2024 India climate vulnerability Asia-Pacific climate risks

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 17:33:48 (6 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 763 words

Reading Time: 5 minutes read

Sentences: 28 lines

Sentence Length: 28 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23348472

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