WASHINGTON, 08 November 2021, (TON): The climate front lines are not just Tuvalu or the Maldives: they are Tokyo, Brussels, New York, and the world’s economic heartlands.
Therefore, it beggars belief that as the world comes together for the 2021 United Nations Climate Change Conference (COP26), its largest economies, which emit 80 percent of all greenhouse gases – continue to have such stilted and sluggish commitments to staving off climate risk.
The reality is that all G20 nations face a full-frontal tide of climate impacts that will rip through their economies within 30 years.
These are the findings of the new “G20 Climate Impacts Atlas”, a study based on the most recent science.
Heatwaves, droughts, fires and floods will increase in severity and frequency, creating risk and instability for today’s G20 growth models.
Most G20 countries share one trait: long and densely populated coastlines, replete with vital infrastructure that will, over time, stand in the way of dangerous turbulence.
In Australia, floods, hurricanes and rampant bushfires will raise insurance costs and strike several hundreds of billions of dollars from the property market by the mid-century.
India, currently the fastest growing G20 economy, faces acute economic stress by 2050, with climate shocks leaving its millions of farmers significantly poorer, while up to 18 million people will face a permanent danger of river flooding, and heatwaves that last 25 times longer.
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