China lost USD 18 billion in 2021 due to extreme weather: UN report

Sharm-el-Sheikh: Economic losses from drought, floods and landslides have rocketed in Asia, causing total damage of USD 35.6 billion, affecting nearly 50 million people, according to a new report from the World Meteorological Organization (WMO).
Last year, China lost USD 18.4 billion due to extreme weather conditions, the highest economic losses faced in Asia, followed by India's USD 3.2 billion. "In 2021, flooding caused the highest economic losses in China (USD 18.4 billion), followed by India (USD 3.2 billion), and Thailand (USD 0.6 billion). Storms also caused significant economic damage, especially in India (USD 4.4 billion), China (USD 3.0 billion), and Japan (USD 2 billion)," the WMO said in a report titled the State of the Climate in Asia 2021.
The report highlighted how climate change impacts are wreaking an ever-increasing human, financial and environmental toll, worsening food insecurity and poverty and holding back sustainable development.
The report also painted a worrying scenario for future water stress. High Mountain Asia, including the Himalayas and the Tibetan Plateau, contains the largest volume of ice outside of the polar region, with approximately an area of 100,000 km2 of glacier coverage.
According to the report, the rate of glacier retreat is accelerating and many glaciers suffered from intense mass losses as the result of exceptionally warm and dry conditions in 2021. These so-called water towers of the world are vital for freshwater supplies for the most densely populated part of the planet and so glacier retreat has major implications for future generations.
Water-related extremes are the most important hazard in Asia, according to WMO.
"The climate indicators and extreme events shown this report and expected increase in precipitation over much of Asia in the future shows just how vital it is to strengthen early warning systems," said WMO Secretary-General Prof. Petteri Taalas. "The UN Early Warnings for All programme will help protect people from more frequent and intense extreme weather - and there are major gaps to be filled in Asia."
The report, which was produced jointly with the UN Economic and Social Commission for Asia and the Pacific (ESCAP), was presented during the UN climate change negotiations, COP27, in Sharm El Sheikh, Egypt.
It shows how, compared to the average in the past 20 years, economic losses are on the rise for most types of disasters. Economic damage from drought has increased by 63 percent from flood has increased by 23 percent, and from landslides has increased by 147 percent compared to the 2001-2020 average.
In 2021, there were a total of more than 100 natural hazard events in Asia, of which 80 percent were flood and storm events. These resulted in almost 4,000 fatalities, about 80 percent caused by flooding. Overall, 48.3 million people were directly affected by these hazards, causing total economic damage of USD 35.6 billion.
While floods caused the highest fatalities and economic damage, drought in the region affected the highest number of people, according to the report. Sand and dust storms were also a major problem.
"Given that floods and tropical cyclones in the region account for the highest economic losses, investment in adaptation must be directed towards prioritizing anticipatory action and preparedness," said Armida Salsiah Alisjahbana UN Under-Secretary-General and Executive Secretary of ESCAP.
"Notwithstanding the progress in establishing early warning systems, further strengthening is needed as climate change intensifies. Similarly, new infrastructure needs to be made more resilient, alongside improvements in water resources management and dryland agricultural crop production, while nature-based solutions bring durable and wide-ranging benefits."
The Economic and Social Commission for Asia and the Pacific (ESCAP) Asia-Pacific Disaster Reports 2021 and 2022 estimate that in Asia, the annual investment in adaptation would need to be highest for China, at USD 188.8 billion, followed by India at USD 46.3 billion, and Japan at USD 26.5 billion.
As a percentage of the country's GDP, the highest cost is estimated for Nepal, at 1.9per cent, followed by Cambodia at 1.8per cent, and India at 1.7per cent. (ANI)