A new study by the Global Center on Adaptation found that small island states could save billions in weather damage by implementing climate adaptation measures. The studied island states were the Comoros, Maldives and Mauritius, Fiji and the Marshall Islands, and Barbados.
What is climate adaptation?
Climate adaptation is the process of adjusting to expected impacts of warming weather. It can involve building flood protection, developing drought-resistant crops, and restoring natural habitats to build resilience against sea level rise.
More countries and cities are developing such strategies. The UN Environment Programme reported that at least 172 countries have a national adaptation policy, strategy, or plan in place.
However, the actual implementation of these measures is still limited. It's not keeping pace with the scale of the world's changing climate in many places. This is especially true in developing countries, which need an estimated $310 billion per year combined to adapt properly.
Why is climate adaptation important?
Small island nations are at extreme risk for environmental damages because of their geographical exposure. For them, failing to act on the changing climate would be far worse than what could happen to land-connected nations.
While addressing climate change is costly, ignoring its consequences is far more expensive. The GCA study found that, if the six island states analyzed don't act on climate change, they could face losses of around $25 billion and GDP losses of $117 billion by 2050.
The global community could also come together to invest $3.8 billion by the same date to help these countries adapt. This investing would provide them with much greater protection against extreme weather, safeguard property and infrastructure, and mitigate crop failures.
Elsewhere, adapting to the climate rather than doing nothing would also help curb pollution and its impacts on global GDP.
Research by the University of Cambridge climaTRACES Lab and the Boston Consulting Group found that rising temperatures don't bode well for the economy. If global average temperatures climb by 5.4 degrees Fahrenheit by 2100, the world could see a 15% to 34% drop in economic productivity.
But investing only 1% to 2% of global GDP in climate adaptation by 2100 would keep warming below 3.6 degrees Fahrenheit. This financial action could protect the world from some of the worst impacts of a changing climate.
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