Sustainable Development and Climate Change.

Now it is the time to rethink our strategy for years to come. We as members of societies need to understand that we must adapt to climate change and to the ways we utilize our natural resources. This is particularly important matter for those who are the custodians of national and local economies. These decision-makers, such as ministers of financial affairs should evaluate: What is the potential climate-related and resource exploitation loss to our economies and societies over the coming decades? How much of that loss can we avert, with what measures, and at what cost? Important question arises: who will  fund those measures - and will the benefits of that investment outweigh the costs?

The effect of climate change alone on our society is dramatic. Case studies on US-Florida, UK-City of Hull, India, Guyana, Tanzania, Mali, China and Samoa indicate that existing climate patterns are responsible for annualized losses of 1-12% of GDP and are likely to rise up to 19% of GDP by 2030. This are concerning figures. However, from our side we should understand that there are cost-effective adaptation measures. If such measures are implemented, they can prevent anywhere between 40 and 68 percent of the expected economic loss in the regions studied.