A new report by the World Bank indicates that climate change has a severe impact on development in the world’s poorest nations. The bank said: “Several studies have suggested that in the absence of adaptation, the annual costs of climate change impacts in exposed developing countries could range from several percent to tens of percent of gross domestic product (GDP). Much of this damage would come not gradually and incrementally through the years but in the form of severe economic shocks.” Global warming, according to the report, will cause rising sea levels and severe droughts, all of which could gravely affect investment. The World Bank believes that up to a quarter of its portfolio could be exposed to climate risk. (Source: Climate change a threat to development: World bank/Reuters)
