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Economic losses caused by extreme weather have soared over the past decade.

2013-12-03

A World Bank report released on November 18th indicates that global economic losses from extreme weather events have increased to nearly $200 billion annually over the past decade, and this figure appears poised to rise further as climate change worsens. A UN team of scientists has warned that weather events such as floods, droughts, and storms are likely to become more severe in the next century as greenhouse gas emissions contribute to global warming. Rachel Kyte, Vice President of Sustainable Development at the World Bank, stated, “Economic losses are increasing, from $50 billion a year in the 1980s to nearly $200 billion a year in the last decade, with three-quarters of those losses attributable to extreme weather.” “While you cannot link any single climate event to climate change, scientists have warned that the intensity of extreme weather events will increase if climate change is not curbed.” Munich Re (MUVGn.DE) estimates that reported disaster losses totaled $3.8 trillion from 1980 to 2012, with 74% of those losses attributed to extreme weather events. Typhoon Haiyan caused over 3,900 deaths when it made landfall in the Philippines this month, and was one of the strongest typhoons on record. Typhoon Haiyan brought global attention to the impacts of climate change, sounding an alarm just before the climate talks to be held in Warsaw, Poland, from November 11-22. Source: Reuters (November 19, 2013) (Compiled by PIDC)

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