THE PHILIPPINES could potentially do that will lose 18.1% of its gross domestic product (GDP) by 2070 due to climate change in a high-emissions scenario, the Asian Development Bank (ADB) said.
“In the Philippines, about half of the losses are caused by sea level rise. And then a larger share than the regional average would come from natural resource-based sectors, i.e. agriculture, Fisheries, forestry,” said David A. Raitzer, senior economist at ADB’s Economic Research and Development Impact Division, in a virtual letterFon Thursday.
In particular, Philippine agriculture, forestry and FAccording to the ADB’s inaugural Asia Paci report, fishing sectors could suffer a combined production loss of 4.7% by 2070 due to the impacts of climate change.Fic Climate report.
The estimated loss in the Philippines’ natural resource-based sectors is higher than the average loss of 2.1% in the Asia-Pacific regionFic, according to the ADB.
The developing Asia-Pacific region could potentially suFa loss of 17% of collective GDP is expected by 2070 if high emissions continue. Losses could reach as much as 41% of the region’s GDP by 2100.
Among Southeast Asian economies, Vietnam will suffer the largest total GDP loss due to climate change in 2070 at 30.2%, followed by Indonesia (26.8%).
“These losses are well above previous model-based losses and are consistent with the upper limit of econometric estimates,” the ADB said in the report. “They also confirm that climate policy responses, including adaptation and mitigation, will be essential for the future prosperity of the Asia-Pacific regions.FIC region.”
If climate change continues to worsen, rising sea levels and storm surges are likely to cause trillions of dollars in damage annually in the Asia-Paci region.Fic by 2070, ADB chief economist Yi Jiang said in a letterFing.
Toru Kubo, senior director of the ADB’s Climate Change and Sustainable Development Department, said inhabited parts of Asia-PacFIC will be 4 to 8 degrees Celsius (°C) warmer within the century.
“Given that 1°C warmer air can hold roughly 7% more water, that means about 30-50% more moisture in the atmosphere falling down when it hits cold air masses,” Mr Kubo told the brie.Fing.
“Our cities, the rivers, the drainage systems, the critical infrastructure for energy, transportation, water, food production systems, buildings and homes are not designed to deal with such extreme heat and sudden amounts of water.”
The Asia-Pacific region generates about half of the world’s greenhouse gas emissions. Many of its countries have signed the Paris Agreement, which aims to limit the average global temperature to 1.5°C.
“Climate change has caused the devastation caused by tropical storms, heat waves and… Fflooding in the region, contributing to unprecedented economic challenges and human suffering,” ADB President Masatsugu Asakawa said in a statement.
“Urgent, well-coordinated climate action that addresses these impacts is needed before it is too late.”
Despite significant progress in reducing emissions intensity, and a 50% decline in developing Asia since 2000, the region still produces almost half of global greenhouse gas emissions.
Rapid production, rising energy demand and increased domestic consumption have fueled the rise in emissions over the past two decades, the ADB said, with China accounting for two-thirds of the increase. South Asia and Southeast Asia contributed 19.3% and 15.4% respectively.
The energy sector is the region’s largest emitter, responsible for 77.6% of total emissions, driven by a heavy reliance on fossil fuels.
If left unchecked, these trends will place developing Asia at the center of the climate crisis, both in terms of the impacts of global warming and in terms of solutions, the ADB said.
“The window to stay within the 1.5°C target of the Paris Agreement is rapidly narrowing,” ADB said.
It urged countries to devise more ambitious and large-scale mitigation action plans, accelerate the transition to net-zero emissions and scale up investments in advanced climate technologies and nature-based solutions.
Meanwhile, a majority of Filipinos view climate change as a serious problem, according to the ADB’s Climate Change Perception Survey, mentioned in the report.
A survey of 1,000 Philippine respondents found that 90% believe climate change will affect people now and in the next decade, while 86% of respondents say climate change will affect their families now or in the next decade.
According to the survey, most Filipinos (71%) said they were most concerned about the impact of floods, followed by heat waves (54%), unpredictable weather (46%), less productive agriculture/higher food prices/reduced food security (34 %), and drought (21%).
More than half (59%) of Filipinos surveyed supported investments in low-emission and resilient infrastructure, while 45% supported a carbon tax.
The survey was conducted online from July 8 to 31. 13,500 respondents across 14 Asian economies were surveyed. — BMDcruz of Reuters