The global economic impact of climate change

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geology

af Gila Alon

Chapter 3 Housing

af LIM DE SHENG JOSEPH N/A

PRE-HISTORY

af Joaquina Pirri

Sustainable Forestry

af Klaus Saller

Climate change and opportunities

hybrid and electric vehicle production

governments creating programs for buying all electric vehicles

sustainable transportation

sustainability and green developments

pharmaceutical companies developing drugs that help combat illnesses that humans are more prone to due to climate change (malaria, dengue, etc.)

Biotech companies putting in efforts to create crops that are resistant to extreme weather conditions

demand for weather monitoring equipment due to extreme weather

construction of green infrastructure and coastal infrastructure

New jobs in specific sector

Clean energy sources

Climate change can generate $2.1 trillion in business prospects

Arctic ice melting

prospects for oil and gas drilling

all these new business prospects are ultimately still contributing to climate change

New shipping transportation routes

transportation times

Business and financial markets

drought can make water more expensive

Cost of production and extraction of raw materials

The frequency and intensity of extreme weather and weath conditions will affect the bottom line of businesses and corporations

Climate volatility

Higher air/water temperatures can lead to asset corrosion

uncertainty in prices of resources for production, energy, transportation and insurance

the infrastructure of businesses

factories, supply chain functions, transportation

Southeast Asian countries as half of their wealth would be shaved off

Philippines, Malaysia, Thailand

economy would shrink by 40%

South Asian countries could shave off as much as a third of their wealth

India

economy would shrink by 35%

Global economic output by 11%-14% by 2050 due to climate change

Products may become obsolete or lose their market

$23 trillion

Tourism

Warmer temperatures guarantee more sun and heat on vacations

tourism

risk of catching diseases and risk of being harmed by the suns rays

rising sea levels put coastal regions and small islands at risk

frequent and harsher wildfires

rising water temperatures can stimulate algae growth and compromise water quality

water to become compromised as a resource due to euthrophication

Water recreation activities

winter tourism revenue, losing nearly $2 billion annually in 2030

less snowfall and shorter and less cold seasons

Infrastructure

air transportation is in risk due to hail storms, flooding, damaging winds

malfunction of aircrafts, and risky conditions to travel in

Rising sea levels could affect both the availability and quality of water supply

precipitation leads to an increase in water pollution due to lack of water flow

precipitation leads to damaged infrastructure due to flooding

global communication networks will be affected due to flooding and rising sea levels

fibre optics cables, data centres, traffic exchanges, and termination points

Military bases are in a vulnerable position due to flooding and rising sea levels

Extreme weather will lead to the need to repair and maintain infrastructures

An increase in maintenance costs

Agriculture

crop yield

inflation in prices for commoditites

businesses as their costs for raw materials will increase

vulnerability in farmers, increase in need to adapt to changing conditions

fire risk

increase in pests and weeds

decrease in availability of water and groundwater

heat and drought

A reduction in crop yield

for every degree celsius the global thermostat increase, there will be a 5-15% decrease in overall agricultural output

extreme rainfall and flooding cause fields to be washed away and livestock to drown

Farmers to plant less crops compared to previously

Yield will cause prices for things such as animal feed and ethanol to inflate

In March of 2019, the American state of Iowa lost $1.6 billion worth of crops and livestock

food supply insecurity

The global economic impact of climate change