Cost of climate change adaptation will be 'huge', conference told

The Parliament.com: A Brussels conference has urged the EU to "act early" to help developing countries meet the cost of tackling climate change. The European Policy Centre event was told that the financial implications of helping poorer nations adapt to global warming will be "huge."

But Hans Martens, EPC chief executive who chaired the meeting, said, "If we act early we can deal with the problem in a more cost-effective way than having to pick up the pieces after a natural disaster, such as floods, happens." He was responding to the results of a study that show that climate change could cost developing countries up to 12 per cent of their gross domestic product (GDP) by 2030. A report by the Economics of Climate Adaptation Working group, circulated at the conference, also indicates that climate change could cost rich nations up to 19 per cent of their GDP.

Reto Schnarwiler, head of public sector at Swiss Re, said, "These are quite meaningful figures and, of course, it is the developing countries which are most vulnerable." He added, "The impact of climate change on the GDP of developing countries will vary widely as will the implications of global warming for these nations." He said that adaptation measures for developing countries include the construction of new dams and reservoirs and new irrigation systems. "The cost will be huge and that is one reason why we still need to look at new technologies and other solutions."…

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