Cli­mate dis­as­ters cost In­dia $79.5b in two decades

Financial Chronicle - - PLAN, POLICY - YOSHITA SINGH

IN­DIA suf­fered a whop­ping $79.5 bil­lion eco­nomic loss due to cli­mate-re­lated dis­as­ters in the last 20 years, ac­cord­ing to a UN re­port which high­lights the im­pact of ex­treme weather events on the global econ­omy.

The re­port ti­tled ‘Eco­nomic Losses, Poverty and Dis­as­ters 1998-2017’ was com­piled by the UN of­fice for dis­as­ter risk re­duc­tion. It states that the years be­tween 1998 to 2017 have seen a dra­matic rise of 151 per cent in direct eco­nomic losses from cli­mate-re­lated dis­as­ters. In terms of the im­pact of dis­as­ters on the global econ­omy be­tween 1998 and 2017, af­fected coun­tries re­ported direct losses of $2.908 tril­lion, more than twice of what was lost in the pre­vi­ous two decades. Il­lus­trat­ing the grow­ing threat from cli­mate change, ex­treme weather events now ac­count for 77 per cent of to­tal eco­nomic losses of $2.245 tril­lion, said the re­port.

This rep­re­sents a dra­matic rise of 151 per cent com­pared with losses re­ported be­tween 1978 and 1997, which amounted to $895 bil­lion. The great­est eco­nomic losses have been ex­pe­ri­enced by the US at $944.8 bil­lion, fol­lowed by China at $492.2 bil­lion, Ja­pan at $376.3 bil­lion, In­dia at $79.5 bil­lion and Puerto Rico at $71.7 bil­lion.

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