Resolving conflicts in Life
LS201610-01Preparing for Change
Always be prepared for changes
As natural disasters become more frequent and intense, the world needs to prepare for this change. Moreover, our analysis suggests that this increasing risk from natural disasters will manifest itself on top of the longer term negative effects that temperature increases have on macroeconomic activity. This may trigger increased migration flows from affected countries with potentially sizable spillovers across the globe.
Countries should invest in resilient infrastructure that can withstand rising sea levels and higher wind speeds, among other increased hazards. Updating zoning laws and building codes to account for climate change, along with better early warning systems will also be important to reduce future costs. But most importantly, when times are good, countries should save so that they can have room for additional government spending to support their economies when climate-related disasters hit.
Climate change threatens all countries – advanced and developing alike. Only a concerted global effort to curb greenhouse gas emissions will help us avert its worst effects. The UN’s Climate Change Conference (COP23) taking place in Bonn this week will be critical to make meaningful progress towards this goal.
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