Catastrophes Linked To Climate Change May Cause $158 Trillion Damage By 2050
Climate change related disasters are expected to put at risk 1.3 billion people and destroy physical assets to the tune of $158 trillion by 2050, according to the World Bank. The development bank's disaster mitigation arm Global Facility for Disaster Reduction and Recovery (GFDRR) made these revelations on Monday in a published report. To put things in perspective, the population at peril is similar to India's, the second most populous country in the world and the financial risk is double the size of the world economy today. The disaster mitigation facility stated that the disaster risk comprises three major factors: hazard, exposure and vulnerability. Hazards are the natural disasters like cyclones or earthquakes, exposure is the population and economic assets contained in the hazard prone zone, and vulnerability is the inherent weakness of the people and property to confront these hazards.