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11 Mar 2022

Econ Digest

When the world is melting. GLOBAL WARMING AND WARNING!

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        On February 28, 2022, the latest report of the Working Group II “Climate Change 2022: Impacts, Adaptation and Vulnerability” released by the Intergovernmental Panel on Climate Change (IPCC) states that global warming will affect about 3.3 -3.6 billion people and more than 40% of the world’s population is at risk of food and water shortages and various natural disasters caused by the effect of climate change. Over the past decade (2010-2020), the deaths from various disasters has increased 15-fold, especially in countries in Africa, South Asia, Central and South America, as well as in archipelagic countries and countries of the Arctic Circle.

        Experts believe that due to sea level rise, countries in Southeast and East Asia will inevitably face severe problems of coastal erosion and flooding, especially China, Bangladesh, India, Vietnam, Indonesia and Thailand, where most of the population lives in low-lying areas below sea level. Asian countries will face the problem of submerged coastal areas by seawater in 2050, affecting more than 225 million people in the six countries mentioned above. Rising Earth temperatures are also affecting natural ecosystems and reducing agricultural yields. Therefore, countries should accelerate their preparations and adjustments to mitigate possible future impacts, and strengthen cooperation with relevant authorities. The report also points out that developing countries should spend 5-10 times the amount currently spent by governments to prevent and mitigate the impact of global warming. Therefore, in addition to implementing policies to reduce greenhouse gas emissions in line with the announced net-zero emissions targets, the governments will need to consider adjusting their budget allocation plans or seek additional funding sources in the future. Currently, the Thai government has allocated THB119,600.3 million for the 2022 strategy to achieve growth based on an environment-friendly quality of life.

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Econ Digest