By investing $1.5 billion in climate adaptation, Nigeria can prevent climate damage and about $19.9 billion in GDP economic losses, a study by Standard Chartered has shown.
The study, ‘The Adaptation Economy’, which investigates the need for climate adaptation investments in 10 markets, including Nigeria, China, India, Bangladesh and Pakistan, states that without investing a minimum of $30 billion in adaptation by 2030, these markets may face. projected damage and lost GDP growth of $377 billion – over 12 times the amount.
The projection, according to the study, assumes that the world can limit the increase in temperature to 1.5 ° C, in line with the Paris Agreement.
A new study by Standard Chartered says that no investment in climate adaptation could cost developing markets hundreds of billions by 2030.
Leading the pack is India, which stands to benefit the most from adaptation investment, with a market that needs an estimated $11billion to prevent climate damage and $135.5 billion in lost growth under a 1.5°C warming scenario.
Other countries include China with an economic benefit of $111.9 billion with an investment of $8.1 billion; Indonesia, $39 billion with a minimum investment of $4 billion and the United Arab Emirates (UAE), are expected to benefit from economic benefits of $31. 5 billion with an investment of $2.7 billion, among 10 other emerging markets.
According to the report, failure to invest the minimum required to withstand predicted climate damage could result in hundreds of billions in climate damage in developing markets and lost Gross Domestic Product (GDP) growth this decade.
In the 3.5°C scenario, the study states that the estimated minimum investment needed to more than double to $62 billion and the potential losses increase dramatically if investment is not made.
Examples of climate adaptation projects, the study said, include the creation of coastal barrier protection solutions for flood-prone areas, the development of drought-resistant plants and early warning systems against pending natural disasters.