Worsening droughts, storms and torrential rain in some of the world's largest economies could cause $5.6 trillion in losses to the global economy by 2050, according to a report released on Monday.
Register now for FREE unlimited access to Reuters.comBut as climate change fuels more intense rainfall, flooding and drought in coming decades, these costs are set to soar, warns the report by engineering and environmental consultancy firm GHD.Water – when there's too much or too little – can "be the most destructive force that a community can experience," said Don Holland, who leads GHD's Canadian water market programme.
In the United States, the world's biggest economy, losses could total $3.7 trillion by 2050, with U.S. gross domestic product shrinking by about 0.5% each year up until then. China, the world's No. 2 economy, faces cumulative losses of around $1.1 trillion by mid-century.
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