Bangladesh may face substantial economic losses due to climate change by 2070, particularly from reduced labour productivity, sea-level rise, increased emissions, and river flooding, according to a latest report by the Asian Development Bank (ADB).
The Asia-Pacific Climate Report 2024, published on Monday, highlights how rising temperatures are already impacting labour productivity in Bangladesh.
Empirical studies indicate that labour productivity could decline by 18 percentage points across Asia as current climate policies have been predicted to result in global warming of more than 3 degrees Celsius (5.4 degrees Fahrenheit) by the end of the century.
For Bangladesh, this high temperature-driven productivity shock may result in Gross Domestic Product (GDP) losses of up to 16.2 per cent by 2070.
Sea-level rise is projected to be the largest single factor contributing to climate-related economic losses, potentially costing Bangladesh 15.4 per cent of its GDP.
River-based flooding, which poses a significant risk for Bangladesh, could lead to additional losses, estimated at 8.2 per cent of GDP.
By 2070, a high-emission scenario could cause total GDP losses of 16.9 per cent across the Asia-Pacific region, with several countries, including Bangladesh, Vietnam, Indonesia, India, and the Philippines, expected to suffer losses exceeding 20 per cent.
The report also underscores the importance of adopting global standards for sustainability.
Bangladesh led the way as the first Asian country to adopt the International Sustainability Standards Board (ISSB) guidelines for financial institutions in 2024, helping establish a comparable baseline of sustainability information to guide investor and client decisions.
Bangladesh's resilience to climate disasters has also improved significantly due to proactive measures, especially in cyclone preparedness, the report said.
The construction of flood shelters has drastically reduced fatalities from cyclones.
For instance, the Bhola cyclone of 1970 tragically claimed an estimated 300,000 to 500,000 lives, one of history's deadliest storms. Successive cyclones continued to have high casualty rates, with about 11,000 deaths in 1985 and 140,000 in 1991.
However, following extensive cyclone preparedness efforts and the establishment of more shelters, fatalities have markedly decreased. Cyclone Sidr in 2007 caused approximately 3,500 deaths, while Cyclone Aila in 2009 resulted in about 190 fatalities. Cyclone Amphan in 2020 saw even fewer deaths, with around 20 to 26 fatalities reported.
This significant reduction in fatalities is largely attributed to the expanded network of flood shelters-growing from just 42 in 1970 to over 12,000 by 2020, providing refuge for nearly 5 million people. Combined with advancements in forecasting, warning systems, and evacuation processes, these shelters have been crucial in protecting lives during extreme weather events.
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