By Over the past three decades, Asia has endured significant economic losses due to extreme weather events, totaling at least $2 trillion. These events include floods, heatwaves, and typhoons, which have had profound impacts on various countries across the continent. China has been among the most affected nations, frequently experiencing devastating floods and typhoons. Other countries such as Myanmar, India, and the Philippines have also faced substantial damages from these natural disasters. The financial toll of these climate-related events is staggering. A report by the International Chamber of Commerce (ICC) highlighted that, globally, extreme weather events have cost the economy more than $2 trillion over the last decade alone.
The Asian Development Bank has emphasized that Asian countries need to significantly increase their investments in climate adaptation and mitigation strategies. Despite being highly vulnerable to climate change, the current spending is insufficient to address the escalating risks. The estimated annual financial requirements for developing Asian nations to tackle climate adaptation range from $102 billion to $431 billion, far exceeding the $34 billion committed in 2021-2022. Sea-level rise poses a particularly severe threat to Asia, given its dense coastal populations.
As of 2022, approximately 63 million people in East and South Asia were at risk from a 100-year flood, largely due to inadequate coastal protection. Countries such as Bangladesh, China, India, Indonesia, Japan, Pakistan, the Philippines, Thailand, and Vietnam account for 70% of the global population exposed to sea-level rise during the 21st century. In conclusion, the substantial economic losses Asia has suffered due to extreme weather events underscore the urgent need for enhanced climate adaptation and mitigation efforts. Investing in resilient infrastructure and sustainable practices is crucial to safeguard the region’s economies and populations from the escalating impacts of climate change.
