The World Bank said in a report that Colombia could lose up to 8.2% of its GDP due to the decline in global demand for oil and coal, citing that it could lose 10% of export earnings and 6% of government revenues.
Although the report recognizes that Colombia might meet its climate change targets, it emphasizes that the country must move from a vulnerable economy to one that is resilient to climate change.
“It must reduce its greenhouse gas emissions. Although the country is responsible for only 0.6% of the planet’s CO2 emissions, Colombia emits 5.4 tons per capita per year, and Colombia occupies the 32nd position as an emitter of this compound, although one of the objectives declared by the country is to reach zero emissions by 2050,” the report said.
“Climate change complicates Colombia’s development ambitions, and if adaptation measures are not taken, the predicted climate impacts will affect poverty and growth,” the report added.
The World Bank has warned of a rise in natural catastrophes in Colombia over the years. According to the World Bank, the forecasts indicate that more people will be affected by natural disasters such as floods and landslides.
The World Bank forecasts that the government will need to invest $92 million to deal with the effects of climate change. This amount equals 1.2% of Colombia’s total GDP from 2030 to 2050.
These investments would aim to alter the production of products and services, as it’s predicted that they would lower operating expenses and allow for the recovery of one-third of the money set aside to counteract this impact.
“If these investments are not made, Colombia’s GDP would be reduced between 1.5% and 2.5% at least”, The World Bank said.
