Costs of Rising Sea LevelRising Sea level is likely to have huge economic tolls on cities around the world, a new study finds that the costs of flood damage to large coastal cities around the world could rise up to $1 trillion a year if cities do not take the necessary adaptation measures (The World Bank 2013).
|
The Facts |
The economic impacts of rising sea levels is an important global issue, affecting every coastal city regardless of size.
According to the UN Atlas (2010), around 44% of the world's population lives within 150km of a coast line, this highlights the fact that there are enormous numbers of property and infrastructure built along the coastline worldwide. The continual rise of sea levels is likely to pose a significant economic threat to these coastal communities in the form of damages due to flood and erosion. The Asia-Pacific region is home to Australia's closest and most important neighbours, it is also home to a quarter of the world's population. In the section below, we will take a look on the economic impact of rising sea levels on the Asia-Pacific region as well as the benefits of adaptation: |
Economic Impact of Rising Sea Level in the Asia Pacific
Economic Impacts for Australia
Closer to home, future sea level rises could put more than $200 billion worth of Australian infrastructure at risk according to a report by the Climate Council (2014).
There are more than 75% of Australians living near the coast (Fitzsimmons 2014), along with most of the vital communication and transportation infrastructure such as roads, railways, airports and port facilities will be at risk over the coming century.
According to Professor Will Steffen (Fitzsimmons 2014), who was the lead author for the Report, Australia’s national income would suffer huge losses if action was not taken to protect against rising sea levels and extreme weather events.
The Report (Climate Council 2014) shows that in Australia there are at least $226 billion of infrastructure will exposed to flooding and erosion over the next century with a projected 1.1m sea level rise, these include:
➜ $81 billion-commercial buildings
➜ $72 billion-residential
➜ $67 billion- road and rail
➜ $6 billion- light industrial buildings
(Climate Council 2014)
To put things into perspective further, here are the number of essential infrastructure that are located within 200 metres of the coastline in Australia:
➜ 120 ports
➜ 5 power stations/substations
➜ 3 water treatment plants
➜ 258 police, fire and ambulance stations
➜ 75 hospitals and health services
➜ 11 emergency services facilities
➜ 41 waste disposal facilities
(Fitzsimmons 2014)
Closer to home, future sea level rises could put more than $200 billion worth of Australian infrastructure at risk according to a report by the Climate Council (2014).
There are more than 75% of Australians living near the coast (Fitzsimmons 2014), along with most of the vital communication and transportation infrastructure such as roads, railways, airports and port facilities will be at risk over the coming century.
According to Professor Will Steffen (Fitzsimmons 2014), who was the lead author for the Report, Australia’s national income would suffer huge losses if action was not taken to protect against rising sea levels and extreme weather events.
The Report (Climate Council 2014) shows that in Australia there are at least $226 billion of infrastructure will exposed to flooding and erosion over the next century with a projected 1.1m sea level rise, these include:
➜ $81 billion-commercial buildings
➜ $72 billion-residential
➜ $67 billion- road and rail
➜ $6 billion- light industrial buildings
(Climate Council 2014)
To put things into perspective further, here are the number of essential infrastructure that are located within 200 metres of the coastline in Australia:
➜ 120 ports
➜ 5 power stations/substations
➜ 3 water treatment plants
➜ 258 police, fire and ambulance stations
➜ 75 hospitals and health services
➜ 11 emergency services facilities
➜ 41 waste disposal facilities
(Fitzsimmons 2014)
Reference List:
Asian Development Bank 2014 'Economic costs of Rising Sea Level in Asia and the Pacific' viewed 22 August 2015, <http://www.adb.org/features/economic-costs-rising-sea-levels-asia-and-pacific>
Barlow, K. 2014, 'Sydney's iconic Bondi Beach' viewed 23 August 2015, <http://www.abc.net.au/news/2014-09-17/sydneys-iconic-bondi-beach/5748864>
Climate Council 2014 'Counting the Costs-Climate Change and Coastal Flooding' viewed 22 August 2015, <http://www.climatecouncil.org.au/uploads/coastalflooding.pdf>
Fitzsimmons, H. 2014, 'Sea level rises due to climate change could cost Australia $200b, Climate Council report finds', ABC News, 10 August, viewed 22 August 2015, <http://www.abc.net.au/news/2014-09-17/sea-level-rises-will-cost-australia-billions-report/5748676>
The Guardian 2015 viewed 22 August 2015, <http://i.guim.co.uk/img/static/sys-images/Guardian/Pix/pictures/2015/7/10/1436521429398/a32773f1-75a7-465d-bdc7-eb17faafe684-460x276.jpeg?w=460&q=85&auto=format&sharp=10&s=d7b7620812353daf2c4ec1087ac588ef>
The World Bank 2013, 'Which Coastal Cities Are at Highest Risk of Damaging Floods? New Study Crunches the Numbers', viewed 22 August 2015, <http://www.worldbank.org/en/news/feature/2013/08/19/coastal-cities-at-highest-risk-floods>
UN Atlas (2010), '44 percent of us live in coastal areas' viewed 23 August 2015 <http://coastalchallenges.com/2010/01/31/un-atlas-60-of-us-live-in-the-coastal-areas/>
Asian Development Bank 2014 'Economic costs of Rising Sea Level in Asia and the Pacific' viewed 22 August 2015, <http://www.adb.org/features/economic-costs-rising-sea-levels-asia-and-pacific>
Barlow, K. 2014, 'Sydney's iconic Bondi Beach' viewed 23 August 2015, <http://www.abc.net.au/news/2014-09-17/sydneys-iconic-bondi-beach/5748864>
Climate Council 2014 'Counting the Costs-Climate Change and Coastal Flooding' viewed 22 August 2015, <http://www.climatecouncil.org.au/uploads/coastalflooding.pdf>
Fitzsimmons, H. 2014, 'Sea level rises due to climate change could cost Australia $200b, Climate Council report finds', ABC News, 10 August, viewed 22 August 2015, <http://www.abc.net.au/news/2014-09-17/sea-level-rises-will-cost-australia-billions-report/5748676>
The Guardian 2015 viewed 22 August 2015, <http://i.guim.co.uk/img/static/sys-images/Guardian/Pix/pictures/2015/7/10/1436521429398/a32773f1-75a7-465d-bdc7-eb17faafe684-460x276.jpeg?w=460&q=85&auto=format&sharp=10&s=d7b7620812353daf2c4ec1087ac588ef>
The World Bank 2013, 'Which Coastal Cities Are at Highest Risk of Damaging Floods? New Study Crunches the Numbers', viewed 22 August 2015, <http://www.worldbank.org/en/news/feature/2013/08/19/coastal-cities-at-highest-risk-floods>
UN Atlas (2010), '44 percent of us live in coastal areas' viewed 23 August 2015 <http://coastalchallenges.com/2010/01/31/un-atlas-60-of-us-live-in-the-coastal-areas/>