Growing financial toll from climate change
Beyond incalculable human loss, climate change has a financial toll. The Asian Development Bank estimates that the warming planet could shave 5.3 percent from East Asia’s annual gross domestic product (GDP) by 2100 unless there are dramatic reductions in pollutants from vehicles and industry.
China, Japan, Mongolia and South Korea can expect more flooding, storms and drought due to higher temperatures linked to climate change.
The estimate is conservative since Hong Kong, Macau, Taiwan and other Asian nations were not included in the projection. “Economics of Climate Change in East Asia” report.