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Displaying 15 of about 95 resultsThe cost of climate change on three key chokepoints for international trade could reach up to 34 billion USD in 2030. A new study led by the CMCC also highlights the possible effects on production and prices of agricultural commodities.Global trade relies on maritime routes, which pass through key chokepoints, for smooth and timely shipments. Analy…
National weather analysts released their 2023 billion-dollar disasters list on Jan. 9, just as 2024 was getting off to a ferocious start. A blizzard was sweeping across across the Plains and Midwest, and the South and East faced flood risks from extreme downpours.The U.S. set an unwelcome record for weather and climate disasters in 2023, with 28 di…
Impacts of climate change including disasters triggered by natural hazards are causing significant economic and social challenges in Asia and the Pacific, with developing countries the hardest hit. There is an urgent need for good fiscal policy to prepare robust adaptation strategies.Climate-related disasters in Asia and the Pacific have affected 8…
There are many indicators that can measure threats that climate change poses to financial stability. The macroprudential challenge is to corral these indicators into a coherent surveillance framework for managing risk. This column harnesses a growing body of evidence on indicators into three primary categories: climate shocks, exposures to these shocks,…
The UN’s trade and development body, UNCTAD, has raised profound concerns over escalating disruptions to global trade.It says that recent attacks on ships in the Red Sea, combined with geopolitical tensions affecting shipping in the Black Sea and the impacts of climate change on the Panama Canal, have given rise to a complex crisis affecting key trade r…
The United Nations Department of Economic and Social Affairs (UN DESA) and the United Nations Office for Disaster Risk Reduction (UNDRR) published on 29 January the Integrated National Financing Frameworks (INFFs) for Disaster Risk Reduction (DRR) Guidance Note.This technical guidance aims to address two of the biggest challenges countries face in prote…
After the compounding crises of the past few years, political leaders and publics are understandably keen to put pandemics in the rearview mirror and focus on other issues. Yet, the evidence is blinking red that delaying action to improve pandemic prevention, preparedness, and response will only increase the risk of catastrophic losses ―in lives and eco…
Disasters can wreak havoc on communities and economies. Munich Re reports that natural disasters in the first half of 2023 resulted in enormous economic losses of $110 billion, a third of which was caused by an earthquake in Türkiye and Syria.Estimated economic losses have increased from $52 billion annually in the 1980s to a staggering $228 b…
The purpose of this report is to better understand the impact of climate risks on Morocco’s banking sector. This includes understanding the banking sector’s exposure to sectors and regions that are vulnerable to climate physical and transition risks, as well as a quantification of climate impacts on banks’ balance sheets under different scenarios. This…
2023 was the hottest year on record. Perversely, the UN Environment Programme Adaptation Gap Report 2023, published in November last year, revealed that public funding for adaptation to climate change had decreased. The report estimated that USD 215-387 billion (the lower figure is based on the UNEP’s modelling, the higher on developing country submissi…
With World Bank support, Morocco has made significant strides since 2008 in strengthening its disaster and climate resilience. This has included gradual transition from a post-disaster approach focused on emergency response to ex-ante resilience building, including scaling up risk reduction, disaster preparedness, and financial protection.Key achievemen…
This work contributes to understanding the macro-critical effects of climate shocks in Uruguay. It assess the macroeconomic impact of the most relevant climate shocks affecting Uruguay´s economy, using the wide availability of country-specific data and background analysis. Using a macrostructural projection model customized to Uruguay (MFMOD UY) and exp…
This study examines the impact of socio-economic and institutional support on community responses to climate change and the impact of changes in three selected regions of Senegal (Meouane, Thiel, and Daga Birame), which fall within different rainfall gradients. It captures community perceptions of climate change, compares them to long-term meteorologica…
The southwestern African country of Angola is enigmatic, it boasts of a variety of diverse ecosystems, ranging from the arid Namib Desert in the south to the lush rainforests of the north. With its rich land and tropical climate in the Northern part of the country, it has massive agricultural potential for a range of crops, including high value chains l…
On October 10, 1980, a magnitude 7.1 earthquake destroyed the town of El Asnam (known today as Chlef) in Algeria, causing several thousands of casualties and leading to considerable economic losses. It was followed 3 hours later by a magnitude 6.3 aftershock, making it one of the largest and deadliest earthquakes ever recorded in Algeria. 23 years later…