About 12 million people in 23 East Asian cities are at risk from risingsea levels, severe storms, and more intense drought caused by climatechange that could jeopardise 864 billion USD in assets, a new reportannounced by the Asian Development Bank (ADB) on October 17 warned.
The Manila-based financial institution said in its report entitled“Economics of Climate Change in East Asia” that the aggregate cost toprotect the most vulnerable sectors - infrastructure, coastalprotection, and agriculture - would be less than 0.3% of East Asia ’sgross domestic product every year between 2010 and 2050.
According to the report, rising sea levels could cause China tolose an estimated 102 square kilometers of land mass per year between2010 and 2050. Japan , meanwhile, will lose more than a quarter ofits coastal wetlands by 2050. In the same time period, the Republicof Korea could lose up to a fifth of its coastal areas.
“This report shows that the cost of inaction far outweighs the cost ofclimate change adaptation if countries act now,” said Ayumi Konishi,Director General of ADB’s East Asia Department, adding that “climatechange not only brings challenges to East Asia, but also opportunitiesfor stronger regional cooperation.”
ADB said East Asiais critically important to global mitigation efforts since the region –consisting of about one-quarter of the global population – isresponsible for about one-third of the world’s energy-related greenhousegas emissions.
The report was carried out by teammembers from more than 10 leading universities and think tanks in Asia,North America, and Europe.-VNA
The Manila-based financial institution said in its report entitled“Economics of Climate Change in East Asia” that the aggregate cost toprotect the most vulnerable sectors - infrastructure, coastalprotection, and agriculture - would be less than 0.3% of East Asia ’sgross domestic product every year between 2010 and 2050.
According to the report, rising sea levels could cause China tolose an estimated 102 square kilometers of land mass per year between2010 and 2050. Japan , meanwhile, will lose more than a quarter ofits coastal wetlands by 2050. In the same time period, the Republicof Korea could lose up to a fifth of its coastal areas.
“This report shows that the cost of inaction far outweighs the cost ofclimate change adaptation if countries act now,” said Ayumi Konishi,Director General of ADB’s East Asia Department, adding that “climatechange not only brings challenges to East Asia, but also opportunitiesfor stronger regional cooperation.”
ADB said East Asiais critically important to global mitigation efforts since the region –consisting of about one-quarter of the global population – isresponsible for about one-third of the world’s energy-related greenhousegas emissions.
The report was carried out by teammembers from more than 10 leading universities and think tanks in Asia,North America, and Europe.-VNA
