Climate Inaction Threatens Philippines' Growth, Says World Bank

Published on: 25 October 2022
by KnowESG
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A report from the World Bank says that extreme weather events and rising temperatures could cause the Philippines to lose 13.6% of its economic output by 2040. This would hurt the country's poor the most if it didn't do anything about climate change.

The report said that because of climate change, the Philippines' temperatures would continue to rise and the rain would get stronger, which would make it harder for the country to achieve its development goals.

Ndiamé Diop, who is in charge of the Philippines, Malaysia, Thailand, and Brunei for the World Bank, said, "If nothing is done, climate change will have big economic and human costs, and the poorest households will be hit the hardest."

The Philippines, an archipelago of more than 7,600 islands, ranked first in this year's World Risk Index, which determines which countries are most vulnerable to earthquakes, cyclones, floods, droughts, and sea-level rise.

Extreme weather events that are getting stronger and happening more often are likely to hurt the economy the most, a Washington-based lender said. These events will impact the agricultural sector and industries that need a lot of capital.

The report said many activities do not require investments, such as ensuring that new building does not take place in places prone to flooding, storm surges, or rising sea levels.

The report says that more should be done to support renewable energy, energy efficiency, sustainable transportation, and the building of smart cities.

Source: Reuters

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