Storms, floods to cost PHL $124 billion by 2050
STRONG STORMS, heavy flooding and prolonged droughts may result in around $124 billion in losses to the Philippine economy between 2022 and 2050, according to research firm GHD. This translates to an average annual gross domestic product (GDP) loss of 0.7% for the Philippines, GHD said in a statement following the release of its report “Aquanomics: The economics of water risk and future resilience.”
ICSC: Climate change to worsen water security risk
MANILA, Updated 14 March 2019 – As residents in areas of Metro Manila grapple with water scarcity issues for several days, a climate and energy policy group cautioned that climate change would only exacerbate existing risks and development issues. Renato Redentor Constantino, executive director of the Manila-based Institute for Climate and Sustainable Cities, commented: “As a climate policy institute, we are often the first to convey caution in prematurely attributing adverse economic, ecological or social outcomes to climate change. Many times as well, climate change merely amplifies the impacts of wrong development policies to begin with. “Prematurely assigning blame [...]