Scientists’ estimate of rising costs of climate change could improve planning

Auckland: Scientists have estimated the costs of climate change for 10 years in New Zealand, and say it will increase. Studying adverse weather events from 2007-2017, NIWA found that climate change-related to floods and droughts have cost the New Zealand economy at least NZ$120 million (FJ$167.17m) for privately-insured damages from floods and NZ$720m for economic losses from droughts over the last 10 years.

However, that was said to be a conservative estimate. Riwaka resident Jamie Milne said after Cyclone drainage remedies cost her NZ$26,000, and repairs to her house were NZ$52,000. Knowing more about climate change could help regions to plan for future events, she said.

NIWA climate scientist Dr Daithi Stone said the report was different to past estimates, because it examined extreme weather events which actually occurred.

“It identifies specific types of weather events which we expect to occur more frequently in the future and which already cause costly damage. If we can make ourselves less vulnerable to these types of weather events we will have cut the future costs of climate change substantially.” The study didn’t attempt to analyse trends but compared the recent 10-year-period with a hypothetical world where the climate was as it would have been without man-made emissions. NIWA climate scientist Trevor Carey-Smith said climate change costs were increasing.

“The rate of this increase will depend on what mitigation strategies are enacted and how quickly emissions can be reduced.”

NIWA principal scientist of coastal and estuarine physical processess Rob Bell said knowing the rising costs could help planning to reduce the rising risk. Stuff