Climate change threatens growth of RP farm sector

Climate change may threaten growth of the Philippines’ farm sector, which comprises a fifth of the country’s economy, the World Bank said in a report. A permanent reduction estimated to reach between four percent and five percent in gross domestic product for Africa and South Asia “would be about right" for the Philippines too, said the forecast from the World Bank’s latest World Development Report (WDR). Even if governments around the world immediately take action on climate change, a two-degree celsius increase in global temperature is expected, Dr. Rosina Bierbaum, WDR 2010 co-director, said in a videoconference with members of the media in Asia and the Pacific. However, an additional five degrees Celsius would mean higher costs. "Climate change threatens all countries, with developing countries the most vulnerable," she said. Developing economies “would bear some 75 to 80 percent of the costs of damages caused by the changing climate. Even 2 degrees Celsius warming above preindustrial temperatures – the minimum the world is likely to experience – could result in permanent reductions in GDP of 4 to 5 percent for Africa and South Asia," the report said. If global temperatures rise more than five degrees Celsius, “it may amount to the difference between today’s climate and the last ice age, when glaciers reached central Europe and the doorstep of New York City," the reported added. Agriculture production could also be reduced by 50 percent, a scenario that would result in a severe food crisis. Other dangers include extinction of species and higher sea levels, threatening the lives of 60 million people. Besides causing asset losses in developing countries, climate change will also result in severe malnutrition. Between 100 million and 400 million more people could be at risk of hunger and one to two billion more will no longer have enough water to meet their consumption, hygiene, and food requirements, the report said. In a bid to mitigate climate change, the Washington-based World Bank, has set up a Clean Investment Fund which has already received a global allotment of $6 billion. The fund is divided into the Clean Technical Fund and the Clean Strategical Fund. The bank said the Philippines has expressed its interest to get a portion of the Clean Technical Fund to be used for renewable energy, transport efficient systems, and energy efficiency efforts. - GMANews.TV