Climate inaction will cost G7 countries 'billions'
June 7, 2021
Oxfam has called on the leaders of the G7 countries to pursue greater cuts to emissions or face economic consequences worse than those caused by coronavirus.
Oxfam has warned the G7 countries of the economic impacts of not taking measures to keep global temperature rises to below 1.5 degreesImage: Ulrik Pedersen/NurPhoto/picture alliance
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The world's richest countries face billions of dollars in economic losses if they fail to take stringent measures to curb climate change, Oxfam said on Monday, citing research by the Swiss Re Institute.
According to the report, the G7 (Group of Seven) economies — Germany, France, Italy, Japan, Canada, the UK and the US — could see annual average losses of up to 8.5% by 2050 if CO2 emissions continue unabated.
The Swiss Re report looked out how different aspects of changing climate, including heatwaves, rising sea levels and degradation of agricultural land, may impact economic activities in 48 countries.
Although the report concluded that the richest countries would be badly hit by the consequences of runaway climate change, poorer countries would fare much worse.
It predicted that up to 35% of the Philippines' economy could be wiped away while India, home to over 1.3 billion people, may see its economic activity shrink by 27%.
Oxfam added that between 32 and 132 billion people could be pushed into extreme poverty by 2030 due to climate change, citing a recent report by the World Bank.
What is Oxfam's message for the G7?
Oxfam called on the leaders of the G7 countries to immediately increase the pledges to cut carbon emissions, pointing out that most were falling short of necessary reductions to keep global warming below 1.5 degrees.
The charity also demanded that the G7 countries — who represent some of the world's worst emitters of CO2 historically — stick to their pledge to provide $100 billion annually to help poorer countries deal with the impacts of climate change.
"The economic turmoil projected in wealthy G7 countries is only the tip of the iceberg: many poorer parts of the world will see increasing deaths, hunger and poverty as a result of extreme weather. This year could be a turning point if governments grasp the challenge to create a safer, more liveable planet for all," Oxfam expert Mark Lawson said.
6 cities at risk of chronic flooding
Some of the world's great coastal cities could be severely inundated by 2050 as a result of global warming. Extreme floods that used to occur once a century could start hitting some cities every year.
Image: picture-alliance/dpa/M. Toedt
Shanghai (China)
Ninety-three million people currently live on land in China that could be inundated by 2050 due to the localized coastal flooding, according to research by independent US-based science organization Climate Central. Shanghai, which is China's most populous city, is expected to be particularly vulnerable to ocean flooding as it lacks coastal defenses.
Image: Reuters/A. Song
Hanoi (Vietnam)
In Vietnam, more than 31 million people — almost one-quarter of the population — now live on land that will be threatened by saltwater flooding at least once per year by 2050, according to Climate Central. By that time, annual ocean floods are projected to particularly affect the densely populated Mekong Delta and the northern coast around Vietnam's capital, Hanoi.
Image: picture-alliance/DUMONT Bildarchiv
Kolkata (India)
In India, projected sea level rise could render land currently home to some 36 million people vulnerable to annual floods by 2050. West Bengal and Odisha are considered particularly vulnerable, as is the eastern city of Kolkata. In the absence of coastal defenses such as levees, elevation determines the extent to which ocean floods can wash over the land, according to Climate Central.
Image: DW/S. Bhowmick
Bangkok (Thailand)
More than 10% of citizens in Thailand currently live on land that could become flooded by 2050. The political and commercial capital of Bangkok (pictured here during 2011 floods), is just 1.5 meters above sea level and therefore particularly at risk. Mapping by Hong Kong-based environmental nonprofit Earth.Org suggests 94% of the population would be displaced by flooding by 2100.
Image: AP
Basra (Iraq)
According to Climate Central modelling, Iraq's second-largest city, Basra, is also extremely vulnerable to coastal flooding and could become largely submerged by 2050. Experts predict this could have effects well beyond Iraq's borders, as the migration caused by rising seas could trigger or exacerbate regional and political conflicts.
Image: Hussein Faleh/AFP/Getty Images
Alexandria (Egypt)
Floods could also cause the disappearance of cultural heritage in the future. Alexandria was founded by Alexander the Great more than 2,000 years ago. But much of the city of 5 million on the Mediterranean is low-lying. Mapping by Earth.Org indicates that without flood controls or relocation programs, much of the city could be inundated by 2100.
Image: picture-alliance/dpa/M. Toedt
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The leaders from the G7 countries are meeting in the UK later this week.
"The economic case for climate action is clear ― now we need G7 governments to take dramatic action in the next nine years to cut emissions and increase climate finance," Lawson said.
