Asian Development Bank in collaboration with IGF Launched a Report

on Economic and Financial Impact of Climate Change in the Pacific

Refer to the end of this article for the video links of this event.

In  collaboration with the Institute of Global Finance (IGF), the Asian Development Bank (ADB) launched a new Report on the financial and economic impact of climate change in the Pacific. This Report also canvasses implications for the business community, and for their overall business strategies.

This event was held on 26th November 2013 at the Australian School of Business, UNSW. Four keynote speakers gave speeches at the forum and they are:

  • Professor Graciela Isabel Metternicht, the Director of the Institute of Environmental Studies, UNSW,
    Environmental Issues in the Asia Pacific Region
  • Mr. Denis Jordy, Senior Disaster Management Specialist, the World Bank
    The Impact of Global Warming, Policy Responses and Access to Finance to Mitigate the Effects of Climate Change in the Pacific
  • Dr. Cyn-Young Park, Assistant Chief Economist, the Asian Development Bank
    The Economics of Climate Change in the Pacific
  • Professor Fariborz Moshirian, the Director of the IGF, UNSW
    The Financial and Economic Impact of Climate Change and the Role of Effective Global Institutions in Mitigating the Impact of Climate Change

The Report provides important findings. Using Global Climate Models, the Report finds that climate change could cause economic losses of up to 13% by 2100 if appropriate strategies are not implemented. Sea-level increases are likely to be higher than previous estimates, increasing the risk of inundation and salinisation of freshwater. Crop modelling indicates likely substantial yield loss in agricultural outputs. The Report analyses  financial and business implications of potential climate change in this region. Modelling of changes in tourism shows large decreases in tourist arrivals as a result of a less attractive climate.

The Report recommends a number of policy initiatives that could mitigate the impact of possible climate change.

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