Climate change may cut Phl GDP by 18% – ADB

Climate change under a high-end greenhouse gas emissions scenario may lead to an 18-percent reduction in the Philippines' gross domestic product (GDP) by 2070, according to the Asian Development Bank (ADB).

- By LOUELLA DESIDERIO

This was among the findings in the ADB's inaugural Asia-Pacific Climate Report, which details the damaging impacts threatening the region.

In the Philippines, ADB senior economist David Raitzer said that "about half of losses come from sea level rise."

"And then a larger share than at the regional average would come from natural resource-based sectors. So agriculture, fisheries, forestry," he said in a webinar.

The report also showed that economic losses in the Philippines due to climate change could rise and reach 40 percent in 2100.

In Asia-Pacific, the ADB said climate change under a high-end emissions scenario could lead to a 17-percent reduction in GDP by 2070.

By 2100, ADB principal economist Yi Jiang said the potential GDP loss in Asia-Pacific could be higher, reaching 41 percent.