Climate change could cut South Asia’s growth almost 9 per cent by the end of the century, the Asian Development Bank warns.
According to the ADB’s report, titled Assessing the Costs of Climate Change and Adaptation in South Asia, the costs of countering climate change in South Asia will also increase over time and will be prohibitively high in the long term.
Gross domestic product (GDP) losses are projected at 12.6 per cent for the Maldives, 9.9 per cent for Nepal, 9.4 per cent for Bangladesh and 8.7 per cent for India by 2100.
"Without global deviation from a fossil-fuel-intensive path, South Asia could lose an equivalent of 1.8 percent of annual GDP by 2050, which will progressively increase to 8.8 per cent by 2100 on the average under the business-as-usual scenario," the report said.
I think the bank underestimates the hit to GDP. If a storm wipes out major infrastructure (think Japan’s Fukushima), the effects on economies and lives will last for decades.
Asian Development Bank’s new climate infographic quantifies how south Asia economy will be hit by climate impacts.