Friday, December 2, 2022

By 2050, Pakistan's annual GDP can decline 18-20% due to climate change risks: World Bank - Business Recorder

Last updated Friday, November 18, 2022 13:05 ET , Source: TopWireNews

Pakistan’s annual Gross Domestic Product (GDP) could fall by 18 to 20% by 2050 due to the combined risks from the intensification of climate change and environmental degradation in the country if the issues are left unaddressed, a report published by the World Bank said.
“Between 6.5 and 9% of GDP will likely be lost due to climate change (in the optimistic and pessimistic scenarios, respectively) as increased floods and heatwaves reduce agriculture and livestock yields, destroy infrastructure, sap labor productivity, and undermine health,” said World Bank's November 'Country Climate and Development Report (CCDR)'.
Moreover, water shortages in agriculture could reduce GDP by more than 4.6%, and air pollution could result in a loss of 6.5% of GDP per year.
The CCDR said the risks and possible impacts are a very real threat to Pakistan's sustainable and equitable growth path has been demonstrated by the immediate and likely longer-term costs of the tragic floods of 2022.
“Adverse impacts of climate change on Pakistan's natural and human capital are likely to be severe,” said the report.
It added that climate-related disasters have caused significant loss of life and enough socioeconomic damage to precipitate a reversal of development gains in Pakistan.
“Between 1992 and 2021, climate- and weather-related disasters in Pakistan resulted in a total of $29.3 billion of economic losses from damage to property, crops, and livestock, equivalent to 11.1% of 2020 GDP.
“The flood in...

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