Climate change and extreme weather are already hurting the world economy and if unchecked will plunge millions more into poverty while pushing up food prices and disrupting trade and labour markets, U.N. climate experts warned on Monday.
The finding was part of a report by the Intergovernmental Panel on Climate Change that concluded there remained only "a brief and rapidly closing window of opportunity to secure a liveable and sustainable future for all".
"Individual livelihoods have been affected through changes in agricultural productivity, impacts on human health and food security, destruction of homes and infrastructure, and loss of property and income, with adverse effects on gender and social equity," it added. "Significant regional variation in aggregate economic damages from climate change is projected with estimated economic damages per capita for developing countries often higher as a fraction of income," it concluded.Under what it called a "high vulnerability-high warming scenario", it estimated that up to 183 million additional people would become undernourished in low-income countries due to climate change by 2050.
"That is the main point that is currently lacking: how to drive private climate finance towards adaptation goals," he said, adding that many investors deemed the short-term investment returns in this area not sufficiently attractive.
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