26 Nov 2013

ADB report predicts urges better access to climate funding for Pacific

4:14 pm on 26 November 2013

A report by the Asian Development Bank on predicted economic losses related to climate change in the Pacific is calling for dramatically improved access to global and regional climate funds.

The report follows the United Nations climate conference COP19 in Poland, where Pacific Island countries lobbied for the mutli-billion dollar Green Climate Fund to be made operational.

The bank's study predicts the economic loss that could be suffered by the Pacific region ranges from just under three percent to almost 13 percent of annual GDP by 2100.

Papua New Guinea is expected to experience the most signficant loss - up to 15 percent of GDP by 2100.

Vanuatu's GDP is predicted to drop by six percent, Solomon Islands' by nearly five percent, Fiji's by four percent and Samoa's GDP by almost four percent.

Most of the losses will be related to climate change's impact on agriculture, with the report noting that the region may require more than three quarters of a billion dollars a year to prepare for the worst warming scenario.