Friday, August 28, 2009

Estimated cost of adapting to climate change

The UNFCCC had estimated annual global costs of adapting to climate change to be US$40-170 billion, but a new report released has suggested that this is a gross underestimate of the cost to adapt to climate change. The report was published by the International Institute for Environment and Development and the Grantham Institute for Climate Change at the Imperial College London.

Professor Martin Perry (who co-chaired the IPCC working group on impacts, vulnerability and adaptation between 2002 and 2008) said:

"Just looking in depth at the sectors the UNFCCC did study, we estimate adaptation costs to be 2-3 higher, and when you include the sectors the UNFCCC left out the true cost is probably much greater,”

Professor Sir Brian Hoskins, (Director of the Grantham Institute for Climate Change) said:

"The costs of adapting to live with a changing climate are very uncertain. However, this new report suggests that previous attempts to figure out the costs have drastically under-estimated how expensive this could be. With such large sums potentially involved, the pressure to act now to reduce the extent of climate change is greater than ever.”

Download the full report here

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