Disasters may double without emissions cut — ADB

MANILA — Climate disasters may double in the next two decades unless the world cuts its carbon dioxide emissions, the Asian Development Bank (ADB) said Friday, with "high risk" nations in Asia set to be hard hit. 

The report, which looked at disasters from 1970 to 2013, said if carbon dioxide concentration in the atmosphere continued to rise at an annual rate of two parts per million, the frequency of climate disasters could double in 17 years.

It said three "high risk" countries, the Philippines, Indonesia and Thailand, would be particularly affected.

Also at risk were emerging nations' economic growth rates, the bank added, stressing that tackling climate change would boost prosperity levels.

The ADB, a Japan-led institution modelled on the World Bank, said the global damage bill from natural disasters was steadily rising, with the most recent decade, 2005-2014, costing some $142 billion, up from $36 billion during 1985-1994.

It added that climate-related disasters had cut into the growth rates of Australia, China, Indonesia, Thailand and Vietnam and the trend was "set to worsen". Countries should invest in a shift from fossil fuels to renewable energy to reverse this, it stressed.

"Policy makers and economic advisors have long held the view that climate action is a drain on economic growth," said the ADB's Vinod Thomas, a co-author of the study.

"But the reality is the opposite: the vast damage from climate-related disasters is an increasing obstacle to economic growth and well-being," he added.