Climate change threatens not only the quality of life on the planet, but also the food of people and the economies of many countries, and if the situation continues as it is, the consequences will be dire, while a study confirmed the existence of significant losses to extreme weather phenomena.

Edited by| Paul Mitchel

Economic  section -  CJ journalist

World – May,31,2023

Confronting climate change is not a purely government affair, it is everyone's responsibility, especially when you know that your pocket will also be negatively affected by this change, according to Professor Gary Yuhi, a professor of Economics and Environmental Studies at American Wesleyan University.

Yuhi cites a study by a number of researchers at the University of Illinois showing that reducing pollution by 90 percent and stopping global warming by 1.5 degrees Celsius by 2100 will avoid many countries of the world slow economic growth.

He points out that the low cost of solar panels, lithium batteries and others makes public costs low, highlighting that if the efforts of ministries and financial institutions are united with the efforts of environmental institutions, not only the health of the planet will improve, but also the wealth of the population.

One of the biggest examples given by the professor is that high levels of carbon dioxide lead to an increase in fungal diseases in wheat, putting food sources at risk, and the crisis can lead to major problems in local markets and harm traders.

Climatic fluctuations and the significant impact on the rainy seasons also lead to significant damage to agricultural crops, resulting in malnutrition, which are old phenomena but may become more severe in the future.

Professor Gary Yuhi suggests that companies should be given financial incentives to comply with the rules to promote a low-carbon economy, including tax incentives, instead of spending billions on other measures that may have less impact.

In another context, new research has shown that the financial losses caused by the global "El Nino" climate phenomenon, persist for several years and cost trillions in lost income, all over the world.

Researchers at Dartmouth College in the United States studied global economic activity in the decades following the events of the El Nino phenomenon in 1982, 1983, 1997 and 1998, and found a "persistent effect" represented in the slowing economic growth, more than five years later.

The study, published in the journal "Science", found that the global economy declined by 4.1 trillion dollars and 5.7 trillion dollars in half a decade, after both events, and most of the brunt is borne by the world's poorest countries in the tropics, according to the German Press Agency.

The phenomenon of "El Nino" usually causes severe drought in Australia, parts of Africa and South America and heavy rains, along the US Pacific Coast.

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