The impact of climate change and urban development could more than triple the number of people around the world exposed to coastal flooding by 2070, according to a new report by the OECD, co-authored by experts from academia and the private sector (1).
Ranking port cities with high exposure and vulnerability to climate extremes finds that around 150 million people could be exposed to a 1 in 100 year coastal flood event by 2070, up from 40 million today. The estimated financial impact of such an event would also rise USD 35 trillion by 2070, up from USD 3 trillion today.
Speaking in advance of his visit to the UN Climate Change conference in Bali, OECD Secretary-General Angel Gurría emphasised the need for countries to act now to address the economic challenge of climate change. "Climate change is already happening, and concerted action is needed now to prevent its worst impacts" he said. To tackle it, "a range of economic policy options is available and political commitment is needed to implement them."
The study analyses the exposure of people and property and infrastructure to a 1-in-100 year flood event in over 130 key port cities worldwide. A 1-in-100 year flood event is a commonly accepted risk assessment standard. The study aims to help policy makers determine where to focus adaptation strategies to climate extremes and to understand the potential benefits of mitigation policy. It is the first in a series of OECD reports looking at the economic impact of climate change on cities.
See full Press Release.
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