Thursday, March 29, 2007

Bush’s “gas” deciphered!

With each passing day, the costs of fighting climate change are getting dearer; soon it may be too late...
It seems that by the time George Bush gets over watching Osama Bin Laden’s tapes on Al Jazeera prime time, praising his own “foreign” policy in Iraq, checking the pulse of Fidel Castro, smirking on Berlusconi’s sexist comments, gawking over Hugo Chavéz’s impeccable comprehension of the Devil’s dictionary, blogging about the failure of trade talks at Doha, celebrating the ‘Time Magazine person of the year’, yawning through Al Gore’s Inconvenient Truth (a documentary film on climate change)... all of us could well be floating on melted polar ice, experiencing a 24x7x365 summer season with the earth half inside a coffin. Oh yes, we are lucky enough that global warming has reached the podiums of the ostentatious World Economic Forum. At least, it will make the terms global warming and climate change fashionable.

According to various reports, since 1992, the world has been losing a staggering $60 billion every year – a ponderous 0.2% of world GDP – due to extreme weather events. Commenting on a similar environment report taken out by the Intergovernmental Panel on Climate Change (IPCC), recently, Yvo de Boer,Executive Secretary, United Nations Framework Convention on Climate Change, said, “The findings, which governments have agreed upon, leave no doubt as to the dangers mankind is facing and must be acted upon without delay...” Frighteningly, if all the climatic conditions remain even the same (Baseline Scenario), the world this year is going to lose a mammoth 2.6% in terms of GDP due to extreme weather events. The impacts are far more severe for the developing and South Asian nations, where it is expected that by 2010, the loss in GDP (regional) will be killingly massive 6%. But it doesn’t end here. The pecuniary effects of climate change will be denting the global financial system in ways more than one.

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Source : IIPM Editorial, 2007

An IIPM and Malaya Chaudhuri – Arindam Chaudhuri Initiative

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