With global warming, deadly heat waves, droughts, floods and typhoons will become more common in the Asia Pacific region, which faces more severe impacts from climate change than many other regions, consulting giant McKinsey said on Thursday.
the risk is particularly high in the Asia Pacific region, where there are a large number of poor people who tend to rely more on outdoor work and live in areas most vulnerable to extreme heat and increased humidity. By 2050, this loss of labor is expected to cost the region $4.7 trillion in annual GDP, about two-thirds of the total global loss.
one of the authors of the report, Oliver tonby, Asia Chairman of McKinsey, said: “what we see is that countries, cities and people can act decisively. If we do act and sustain these actions, we can cooperate globally and see positive results.”
McKinsey’s forecast is based on the assumption that the average temperature in Asia will rise by 2 degrees Celsius by 2050 if the world fails to reduce greenhouse gas emissions. According to the company’s projections, 500 million to 700 million people in places like India, Bangladesh and Pakistan could experience heat waves beyond the survivability threshold by 2050.
during this period, the loss of outdoor labor may reduce the GDP of these three countries by 7% to 13%, resulting in an average annual loss of $2.8 trillion to $4.7 trillion for the entire Asia Pacific region.
McKinsey predicts that by 2050, extreme precipitation events in parts of Japan, China, South Korea and Indonesia may increase by three to four times. In Asia, flooding could cost $1.2 trillion, or about 75% of the global impact.
climate change will also increase the possibility of severe typhoon attacks from the Philippines and Vietnam to Northeast Asia. This will increase surface water supplies in northern India and parts of China, but will also deplete reservoirs in Australia.