economy Archives - Disasters News

May12025 by Editor DeskNo Comments

Climate Disasters Cause Economic Losses in Billions For India, Urgent Need for District-Specific DRR Solutions

Climate change is intensifying disasters globally, with India ranking among the most affected countries. With rising economic losses and vulnerability, India urgently needs proactive, localised disaster management strategies, resilient infrastructure, and tech-driven solutions. Strong public-private partnerships and community engagement are vital to mitigate risks and safeguard the nation’s future. Climate change is killing us in unimaginable ways at far more intensity and scale than the kind of responses we deploy to deal with the crisis. Almost all credible studies and reputed institutes indicate alarming levels of rise in climate disasters and natural calamities across the world. Despite global climate action efforts and some level of concerted efforts, economic implications of clim...

Apr32025 by Editor DeskNo Comments

Global Warming Will Make The Average Person 40% Poorer, Study Warns

Breaking News, Climate Actions

A new study by Australian scientists has revealed that the impact of global warming on wealth has been significantly underestimated. According to the research if global temperatures rise by 4 degrees Celsius, the average person's wealth could decrease by as much as 40%, which is almost four times higher than previous estimates. The study also forecasts a 16% reduction in global GDP per person if temperatures increase by just 2 degrees Celsius, much higher than earlier predictions that suggested a 1.4% drop. Analysis corrects an oversight in current economic model underpinning global climate policy, toppling previous carbon benchmarks. Even if countries meet both near-term and long-term climate targets, the study suggests that global temperatures will still rise by 2.1 degrees Celsius...

Mar32025 by Editor DeskNo Comments

Mass NOAA Layoffs Spark Outrage Raise Alarm Over Weather Forecasting, National Security

Breaking News, Climate Actions, Learning & Developments

Hundreds of employees at the National Oceanic and Atmospheric Administration (NOAA) have been laid off as part of the Trump administration’s sweeping effort to reduce the size of the federal government. The move has triggered strong backlash from lawmakers, scientists, and former NOAA officials, who warn of severe risks to public safety, economic stability, and national security. The layoffs, which began on February 27, targeted probationary employees—those with less than two years of service or who had recently been promoted or transferred. The Commerce Department, which oversees NOAA, issued termination notices, with some employees given as little as two hours to leave their offices, according to NPR. Weather Forecasting at Risk NOAA plays a crucial role in weather forecasting, ...

Jan252025 by Editor DeskNo Comments

Global Disaster Losses Hit $368 Billion in 2024, Underscoring Urgency of Climate Resilience

Breaking News, Climate Actions, Disasters

Economic losses from disaster events worldwide surged to $368 billion in 2024, driven by devastating hurricanes, severe storms, and widespread flooding. Hurricanes Milton and Helene caused significant destruction in the United States, while severe convective storms and flooding ravaged parts of Europe. These disasters highlight the critical need for robust adaptation and mitigation measures to protect lives and enhance resilience against climate-driven risks. According to Aon’s latest Climate and Catastrophe Insight report, the escalating impact of climate risks tells two vital stories. Firstly, weather-related disasters and climate risks now influence nearly every aspect of business operations, from selecting facility locations to ensuring employee safety. Secondly, the report emphasiz...

Jan222025 by Editor DeskNo Comments

Global Economy Faces 50% GDP Loss by 2090 Without Climate Action, Warns Report

Breaking News, Climate Actions, Fact Check

A stark warning has been issued about the economic and humanitarian costs of inaction on the climate crisis. According to the "Planetary Solvency – Finding Our Balance with Nature" report, global GDP could shrink by 50% between 2070 and 2090 if decisive measures are not taken. Populations are already grappling with food system shocks, water insecurity, heat stress, and infectious diseases. Without intervention, the likelihood of mass mortality, displacement, economic collapse, and conflict increases dramatically. The report, the fourth in a series by the Institute and Faculty of Actuaries (IFoA) in collaboration with climate scientists, offers a framework for global risk management. It emphasizes that ineffective risk messaging has hampered policy decisions and delayed critical action, ...

Dec272024 by Editor DeskNo Comments

China Approves Construction of World’s Largest Dam on Brahmaputra, Sparking Concerns in India and Bangladesh

Breaking News, Fact Check, Thoughts & Talks

China has greenlit the construction of the world’s largest hydropower dam on the Brahmaputra River in Tibet, near the Indian border, raising geopolitical and environmental concerns in downstream nations India and Bangladesh. With an estimated cost of $137 billion, the project will surpass all other infrastructure projects globally, including China’s Three Gorges Dam. The hydropower project, part of China’s 14th Five-Year Plan, will be built along the lower reaches of the Yarlung Zangbo River, the Tibetan name for the Brahmaputra. Located at a massive gorge where the river takes a U-turn into Arunachal Pradesh, the dam will exploit a vertical drop of 2,000 meters over a 50 km stretch to generate more than 300 billion kWh of electricity annually, enough to power over 300 million people. ...

Dec192024 by Editor DeskNo Comments

China Claims 6 Point Consensus on Border Talks India Remains Silent on Agreement

Breaking News, Thoughts & Talks

China has announced that National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi have reached a "six-point consensus" to address the longstanding India-China boundary issue. However, the Ministry of External Affairs (MEA) in India has not confirmed or denied this claim, signaling potential discrepancies in the outcomes of the Beijing meeting. According to a Chinese Foreign Ministry statement, both sides positively evaluated progress on border-related issues and reaffirmed commitments to a "mutually acceptable package solution" based on the 2005 agreement. Key points reportedly discussed include: Refining border management rules. Strengthening confidence-building measures. Promoting cross-border communication and cooperation. Resuming pilgrimages to Xizang...

Nov152024 by Editor DeskNo Comments

Strengthening Social Protection: An Urgent Economic and Climate Necessity

Breaking News, Climate Actions, Learning & Developments

As climate change intensifies and economic uncertainties mount, robust social protection systems have become essential for resilience and inclusive development. A new report by the Economic and Social Commission for Asia and the Pacific (ESCAP) underscores the critical need to address financing gaps to strengthen these systems and safeguard vulnerable populations. Far from being a mere expense, social protection is an investment in people that yields significant socioeconomic returns. Research highlights its role as an economic stabilizer, particularly evident during the COVID-19 pandemic when cash assistance programs and unemployment benefits supported incomes and stabilized aggregate demand. Such measures demonstrate how social protection systems enhance resilience and foster social c...

Nov152024 by Editor DeskNo Comments

ESCAP Says Robust Social Protection Systems Vital Amid Climate Challenges

Breaking News, Climate Actions, Learning & Developments

New Delhi: As climate change and economic uncertainties intensify, robust social protection systems are becoming a necessity, not a choice, warns the Social Outlook 2024 report by the Economic and Social Commission for Asia and the Pacific (ESCAP). The report highlights a dire need to close financing gaps to safeguard vulnerable populations and build resilience. The Asia-Pacific region currently spends only 8.2% of its GDP on social protection, significantly below the global average of 12.9%. ESCAP cautions that without increased investment, rising poverty driven by climate change, digital disparities, and aging populations could become unavoidable. Social protection is more than a safety net; it’s an investment that stabilizes economies during crises. This was evident during the COV...

May282024 by Editor DeskNo Comments

India Endures Record Heatwave as IMD Predicts ‘Above Normal’ Monsoon and its relation with Economy

Breaking News, Climate Actions, Opinions, Thoughts & Talks

In a significant development, the India Meteorological Department (IMD) has predicted 'above normal' monsoon rainfall for the country, particularly in the monsoon core zone crucial for rain-fed agriculture. This forecast comes amid an extreme heatwave that has gripped several parts of India, including Rajasthan's Phalodi, which recently recorded a blistering 50 degrees Celsius. This is the highest temperature recorded since June 1, 2019, when Churu, also in Rajasthan, reached 50.8 degrees Celsius. The scorching temperatures have turned daily life into a test of endurance, especially for those participating in the ongoing elections. In Delhi, the IMD has issued a red alert as Mungeshpur baked at 48.3 degrees Celsius, with the feel-like heat touching 49 degrees. The heatwave alert has bee...