Climate change adaptation costs rocketing

Adapting to the impact of global warming in developing countries is set to cost around $75 billion to $100 billion a year over the next 40 years, according to a new World Bank study. The preliminary findings of the 'Economics of Adaptation to Climate Change' study estimated the expense under two alternative future climate scenarios � 'dry' and 'wet' � with adaptation measures costing $75 billion annually in the relatively dryer scenario and $100 billion for the wetter climate picture every year from 2010 to 2050. "Roughly the costs of adapting to a two degrees centigrade warmer world are of the same order of magnitude as current overseas development assistance," said Katherine Sierra, World Bank Vice President for Sustainable Development. Ms Sierra underscored the need for developing nations to prepare for large-scale infrastructure costs, disease and huge losses in agricultural productivity as the potential consequences of unchecked climate change. "In this respect, access to necessary financing will be critical," she stressed. The highest adaptation costs will be borne by the East Asia and Pacific Region, followed closely by Latin America and the Caribbean, and sub-Saharan Africa, the report found. The drier scenario requires lower adaptation costs in all regions, except South Asia. "Economic growth is the most powerful form of adaptation," said Warren Evans, Director of the World Bank's Environment Department, noting that the report suggests countries become less vulnerable to climate change as their economies grow. "However, it cannot be 'business as usual.' Adaptation minimises the impacts of climate change, but it does not address its causes," said Mr. Evans, stressing that mitigation measures are key to "reduce [the] catastrophic risks."