2023-11-29 06:25:27
A few days before the opening of COP28 in Dubai, a study reveals that climate change is responsible for the loss of trillions of dollars each year for global economies. The least developed countries bear the vast majority of the burden.
According to this study conducted by the University of Delaware, in the year 2022 alone, on a global scale, climate change caused a loss of 6.3% of GDP weighted according to population.
This figure takes into account both the direct consequences of climate change on agriculture, energy and even the productivity of countries, but also the international fallout and losses in terms of potential investments. The unweighted percentage of global wealth lost is 1.8%, or around 1,500 billion dollars (1,320 billion francs).
“The difference between these two figures reflects the unequal distribution of impacts, which are concentrated in low-income countries and tropical regions, generally more populated and less well endowed in GDP,” explain the authors of the report in a press release.
Adoption of a framework
Indeed, the least developed countries bear the vast majority of the burden. They are exposed to an average GDP loss of 8.3%, weighted by population. Southeast Asia and Southern Africa are particularly affected, with losses of 14.1% and 11.2% respectively.
Conversely, certain developed countries, particularly in Northern Europe, have seen their GDP increase. But this might soon be reversed, warns the study, which appears two days before the start of COP28, which brings together from November 30 to December 12 the signatory members of the United Nations framework convention on climate change.
“Some of the northern European countries not only have less climate impact compared to the countries of the South, but also have certain advantages,” explains Julia Steinberger, professor of ecological economics at the University of Lausanne, in La Matinale de la RTS. “That is to say that in certain cases, they may have increased agricultural or forestry production or more demand on their industry which would make it possible to repair climate damage,” she continues.
One of the major issues that will be discussed at COP28 is the adoption of a framework for the new United Nations fund intended to help the poorest nations face the consequences of climate change, as was decided at of COP27.
>> Reread: Follow-up of the two weeks of COP27 in Sharm el-Sheikh
For Julia Steinberger, it is indeed important that the richest nations provide support to the poorest countries, but they especially need autonomy. “For example, we should cancel North-South debts and create other ways so that these countries can self-develop and not depend on Northern countries as is currently the case,” she suggests.
“Conservative estimates”
“The world has become trillions of dollars poorer because of climate change and most of this burden falls on poor countries. I hope this information helps clarify the challenges many countries already face today “today and the support they urgently need to get back on track,” says James Rising, study author and assistant professor at the University of Delaware.
Combining GDP and capital losses, the analysis reveals that low- and middle-income countries have suffered a total loss of $21 trillion since the adoption of the Rio Convention in 1992.
The study specifies that these losses are “conservative estimates” as significant non-market impacts and losses are not taken into account. The UN estimates that developing countries will need more than $300 billion a year by 2030 to combat the effects of climate change.
>> Read also: The Emirates accused of taking advantage of COP28 to sign fossil contracts
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