(Bloomberg) — Not addressing climate change could cost Latin America as much a fifth of its economic output by the end of the century, as floods and hurricanes wreak havoc on the region, according to a report by Moody’s Analytics Inc.
(Bloomberg) — Not addressing climate change could cost Latin America as much a fifth of its economic output by the end of the century, as floods and hurricanes wreak havoc on the region, according to a report by Moody’s Analytics Inc.
If governments in Latin America “do not act by instituting measures and polices to help ease climate deterioration, the region will suffer increasing destruction of production capacity and severe financial burden,” Alfredo Coutinho, head of Latin American at Moody’s Analytics wrote in the report published Thursday.
Economic simulations run by the company found that ignoring climate change would cost Latin America 6% of its gross domestic product by 2050 and nearly 20% by 2100.
Almost completely surrounded by oceans, Latin America is particularly exposed to climate events such as storms and severe flooding. If policies to mitigate climate change are not implemented, the report found that Venezuela, Colombia and Brazil stand to be the biggest losers.
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