Ahead of the Conference of Parties (COP27) climate summit, the Managing Director, Centre for Nature and Climate, World Economic Forum, Gim Huay Neo, has stressed the importance of climate change adaptation.
In his comments, he reminded that the earth has warmed 1.1 degrees above pre-industrial levels, and the number of climate and weather-related disasters has increased almost 35% since the 1990s.
As a result, he charged participants in the conference to focus on the future as being as important as protecting ourselves and our planet today.
He said: “While we must prevent further temperature increases by continuing to mitigate our greenhouse gas emissions and regenerate food, water and ocean systems, we must also get serious about coming together to adapt to the climate realities of today. Climate adaptation must be part of a holistic climate change strategy.
Adaptation is not just for the most vulnerable. As recent extreme weather events across the developing and developed worlds showed, we are all exposed to the effects of climate change.
Droughts, wildfires and other natural disasters are increasing in frequency and intensity, leaving in their wake lost lives, damaged infrastructure and disrupted supply chains. Every government, company and individual needs to prepare.
“The longer we wait to focus on adaptation, the more lives will be affected and the more difficult and expensive it will be. The UN estimates that the current cost of meeting adaptation needs is $70 billion. By 2050, it could reach $500 billion.
“According to the Carbon Disclosure Project, just for water risks alone, the cost of doing nothing is five times that of acting today.”
The longer we wait to focus on adaptation, the more lives will be affected and the more difficult and expensive it will be. The UN estimates that the current cost of meeting adaptation needs is $70 billion. By 2050, it could reach $500 billion.
