Friday, December 8, 2023
HomeEconomyClimate inaction could hurt Philippine growth - World Bank

Climate inaction could hurt Philippine growth – World Bank

MANILA (Reuters) – Extreme weather events and rising temperatures could lead to 13.6% of Philippine economic output due to 13 And the losses, caused by a World Bank report on Tuesday, said the country’s poorest will be hit hard if climate change is not addressed.

Temperatures will continue to rise in the Philippines and rainfall may become more intense due to climate change, the report warns, putting the country’s ability to meet its development goals at risk.

“Climate change will have enormous economic and human costs if no action is taken, with the poorest households most affected,” said Ndiamé Diop, World Bank Country Director for the Philippines, Malaysia, Thailand and Brunei, in release of the report.

The Philippines, an archipelago of more than 7 600 islands, tops this year’s World Risk Index, which assesses which populations are most vulnerable to earthquakes , hurricanes, floods, droughts and rising sea levels.

Capital-intensive industries and agricultural sectors are likely to suffer the most from the economic damage from intense and more frequent extreme weather events, the Washington-based lender said.

The World Bank said in its report that many actions do not require investment, such as ensuring that no new construction takes place in areas at risk of flooding, storm surge or sea level rise.

Support for renewable energy, energy efficiency, sustainable transport and building smart cities should be expanded to mitigate the effects of climate change, the report said.

“Adaptation must be a priority for the Philippines,” Diop said, adding that the measures could reduce the economic damage from climate change by about two-thirds.



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