Losses due to climate change

Regulation & Policy, Renewables    Nov 16, 2021 6:12 PM

The government analysed the possible economic losses due to the climate change in Colombia.

The Institute of Hydrology, Meteorology and Environmental Studies (IDEAM) said that the annual temperature could increase 1.6 degrees Celsius between 2040 and 2070, Portafolio reported.

If Greenhouse Gas emissions are not stopped or decreased, Colombia could lose between CoP$4.3T and CoP$4.5T annually in the period 2040-2070, according to the IDEAM.

These Average Annual Losses (AAL) include the following sectors: construction, public services infrastructure, food and natural resources.

The study estimated that the annual detriment from hurricanes and floods could be equivalent to 7.54% of the housing budget allocation in 2021, or CoP$361.9B.

Losses from landslides would be 1.18% (CoP$136.8B) in transportation. Regarding droughts, the economic consequences could be CoP$22.1B. The loss due to forest fires, for this period, would be around CoP$2.7T.

Carlos Rivera, Director of the Biology Department of the Pontificia Universidad Javeriana, said that in case these projections are fulfilled, the most affected ecosystem would be the páramo.

The expert explained that the increase in temperatures would directly affect water quality.

“At the level of aquatic ecosystems, which have a lot of organic matter, the high temperatures could cause it to decompose quickly, taking away oxygen from this resource,” Rivera said.

IDEAM estimates that rainfall would increase in the Andean region. On the other hand, in the Caribbean and the Amazon rainfall could be reduced between 10% and 40%.

“The reduction in precipitation will be greater in the northeast of the country, while the temperature increase will be greater in the southeast,” IDEAM said.

Rivera agrees with this forecast and clarifies that “the periods of drought and rain will be longer and more intense”.

Bottom-Line: The government is setting challenging goals to advance rapidly in the energy transition, but authorities have not announced strategies in key sectors such as agriculture and livestock.

Ah, it could also be interesting to know the strategies to combat coca crops, which are increasing exponentially…

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