Due to climate change, India’s gross domestic product (GDP) could suffer a 24.7% loss by 2070, with weaker economies expected to bear the greatest impact, according to a report from the Asian Development Bank (ADB). If the current pace of climate change continues, the Asia-Pacific region overall may face a slightly lower impact, with an estimated 16.9% reduction in GDP by 2070. The report also notes that around 300 million people in coastal areas will be affected by rising sea levels, leading to annual property damages worth billions of dollars.
The ADB has released its "Asia-Pacific Climate Report." According to the report's first edition, climate change will lead to rising sea levels and a reduction in labor productivity, which will cause the most severe losses in the Asia-Pacific region. ADB President Masatsugu Asakawa stated that climate change has increased damage from tropical storms, heatwaves, and floods, escalating unprecedented economic challenges and humanitarian crises.
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There is an urgent need to implement measures to tackle the climate crisis. Recommendations have been made on how developing countries can reduce greenhouse gas emissions at a lower cost. - Masatsugu Asakawa, ADB President