MUMBAI (Thomson Financial) - The Organisation for Economic Cooperation and Development (OECD) said the impact of climate change and urban development could more than triple the number of people around the world exposed to coastal flooding by 2070.
The OECD said around 150 mln people could be exposed to a 1-in-a-100 year coastal flood event by 2070, up from 40 mln now. The estimated financial impact of such an event would also rise to 35 trln usd by 2070, up from 3 trln usd now.
OECD secretary-general Angel Gurria emphasised the need for countries to act now to address the economic challenge of climate change. A range of economic policy options is available and political commitment is needed to implement them, he said.
Mitigation strategies will slow and limit the exacerbating effects of climate change on coastal flood risk. 'Adaptation will have to move to the top of the policy agenda today if it is to make a difference tomorrow,' the OECD said.
Around half of the total population exposure to coastal flooding caused by storm surge and damage from high winds is contained in just 10 cities today, with Mumbai in India having the most number of people exposed to coastal flooding. By 2070, the Indian city of Kolkata will be the most vulnerable, with the exposed population expected to to more than 14 mln people, the OECD said.
The cities with the highest value of property and infrastructure assets exposed to coastal flooding now are primarily in developed countries. Miami is the most exposed city now and will remain so in 2070, with exposed assets rising from about 400 bln usd now to over 3.5 trln usd, the OECD said.
By 2070, eight of the most exposed cities will be in Asia. Guangzhou is the second most exposed city in terms of assets, followed by New York, Kolkata, Shanghai, Mumbai, Tianjin, Tokyo, Hong Kong and Bangkok.
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