Lapses seen costlier on biodiversity and green finance
• The world economy contracted 3.3% last year due to the pandemic, says the IMF
As the global fight against climate change gets more pronounced and concerted, central banks, institutions, policymakers and investors are waking up to the compelling reality.
The global economy could lose as much $2.7tn a year by 2030 if countries continue to destroy biodiversity, impacting wild pollination, food from fisheries and timber from forests, according to the World Bank.
Here are some alarming projections.
Some climate-economic models suggest up to a quarter of global GDP — currently around $80tn — could be lost if no action is taken to reduce carbon dioxide emissions.
And low-income countries will risk losing larger shares of their economic output.
The number of extreme weather events has quadrupled over the last 40 years. Only 44% of the financial losses caused by those types of events are now covered in the US. In Asia, it’s just 8%…