EFFECTS OF CLIMATE CHANGE COST THE WORLD BILLIONS OF POUNDS EACH YEAR.
A new report compiled based on the new research from Christian Aid, which has reviewed the 15 most destructive climate disasters of 2021, has concluded that the climate crisis has cost the world billions of pounds in damages and has resulted in insurmountable loss of life worldwide.
During the year of 2021, 10 of the most expensive extreme weather events collectively cost the world more than £74 billion pounds in damages not counting the amount of lives lost. The report also shows that more developed countries suffered higher financial loss due to more resources and higher property costs but we need to keep in mind that developing countries suffered more due to lack of funding to rebuild infrastructure and repair damages caused by extreme weather conditions. Some of the most devastating extreme weather events in 2021 hit poorer nations, which have contributed little to causing climate change. Yet in addition to the financial cost, these extreme weather events have caused severe human suffering from food insecurity, drought and extreme weather events causing mass displacements and loss of life.
According to the report, four of the costliest events took place in Asia, with floods and typhoons costing £18 billion pounds, this includes the flood in China’s Henan province killing 320 people and costing £13 billion pounds in repairs and relief efforts. Lead author Dr Kat Kramer said: “The costs of climate change have been grave this year, both in terms of eyewatering financial losses but also in the death and displacement of people around the world. Be it storms and floods in some of the world’s richest countries or droughts and heatwaves in some of the poorest, the climate crisis hit hard in 2021. While it was good to see some progress made at the COP26 summit, it is clear that the world is not on track to ensure a safe and prosperous world.”
South Sudan has experienced terrible floods which has seen more than 850,000 people forced to flee their homes, many of whom were already internally displaced, while East Africa continues to be ravaged with drought, highlighting the injustice of the climate crisis. Some of the disasters in 2021 hit rapidly, like Cyclone Yaas, which struck India and Bangladesh in May and caused losses valued at £2 billion pounds in just a few days. Other events took months to unfold, like the Paraná river drought in Latin America, which has seen the river, a vital part of the region’s economy, at its lowest level in 77 years and impacted lives and livelihoods in Brazil, Argentina and Paraguay.