Report: Climate Change Severely Threatens International Economic Growth

Global warming, of course, is a serious economic problem. According to a new report released today by the World Bank, it’s also a problem that threatens economic growth worldwide.

The range of economic impacts of global warming is astounding. From the World Bank summary:

The report says that the consequences of such changes include decreased water availability and water quality in many arid and semiarid regions; an increased risk of floods and droughts in many regions; reduction in water regulation by snow and glaciers in mountain habitats; decreases in reliability of hydropower and biomass production in some regions; increased incidence of vector- and waterborne diseases such as malaria, dengue, and cholera; increased heat stress mortality; increased damages and deaths caused by extreme weather events; decreased agricultural productivity with almost any warming in the tropics and subtropics; adverse impacts on fisheries; and adverse effects on many ecological systems.

The World Bank stresses that we are already suffering from the economic impacts of climate change. According to the report, “in the absence of adaptation, the annual costs of climate change impacts in exposed developing countries could range from several percent to tens of percent of gross domestic product (GDP).” Worse, “much of this damage would come not gradually and incrementally through the years but in the form of severe economic shocks.”

Global warming deniers frequently focus on the cost of doing something about about the problem. But they never mention the cost of doing nothing.

For much more on global warming, check out Climate Progress — our new sister blog dedicated to the issue.