Climate change could cost BD 6.7pc of GDP by 2050: WB study

Rising temperature and erratic rainfall emanating from climate change could cost Bangladesh 6.7 per cent in lost GDP by 2050, a new World Bank report has warned.
At the same time, around 82 per cent of the country's population is at the risk of declining living standards due to the erratic climate condition, the study has said.
The findings of the study on "South Asia's Hotspots: The Impact of Temperature and Precipitation Changes on Living Standards" were revealed at an event in the capital on Wednesday.
"Nearly half of South Asia's population are at risk of declining living standards due to rising temperature and erratic rainfall", World Bank Lead Economist Muthukumara Mani said while highlighting the key message of the study.
"In case of Bangladesh, this would result in accumulated GDP loss of US$ 171 billion by 2050 while affecting the lives of 134 million people", he said.
The report found in the last 60 years, the region's average temperatures have increased and will continue to rise in the future, affecting agriculture, health and productivity.
"Bangladesh's average annual temperatures are expected to rise by 1.0°C to 1.5°C by 2050 even if preventive measures are taken along the lines of those recommended by the Paris climate change agreement of 2015," Mr Mani said.
"If no measures are taken, then the country's average temperatures are predicted to increase by 1.0°C to 2.5°C", he added.
Among all the regions of Bangladesh, Chittagong Division will be the most vulnerable to a changing climate, the WB report warned.
Seven out of the top 10 most-affected hotspot districts-where changes in average temperature and precipitation will have a negative effect on living standards-will be in the Chittagong Division, the study found.
The top two climate hotspots will likely be Cox's Bazar and Bandarban, which may suffer from a more than 18 percent decline in their living standards, followed by Chittagong, Rangamati, and Noakhali.
"These weather changes will result in lower per capita consumption levels that could further increase poverty and inequality," Mr Mani said.
"Identifying hotspots will help policymakers in finding specific locations and household types where the resources are needed most to address the rising risk to living standards", he added.
"Around the world, and especially for Bangladesh, climate change is an acute threat to development and efforts to end poverty," said World Bank vice-president Hartwig Schafer.
"In addition to the coastal zones, the warming weather will severely affect the country's inland area in the next decades," Mr Schafer, who is now on his first visit to Bangladesh, said.
"To deal with climate change, the country needs to focus on creating jobs outside the agriculture sector and improve the capacity of its government institutions," he added.
Later, talking to the media, Mr Schafer also appreciated Bangladesh's ongoing partnership with the World Bank.
"Last year, the World Bank provided support to Bangladesh to the tune of US$ 3.0 billion and I think this is reflecting that Bangladesh is putting the money to good use," Mr Schafer said after holding a meeting with the finance minister AMA Muhith.
"We have discussed the progress of ongoing World Bank schemes. We also discussed the future strategies since the country has already become an IDA Gap country," the finance minister said.

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