Climate change causing economic losses

Climate change has had a negative effect on the economy, according to the Chamber of Commerce. At an international conference on climate change in south-east Europe today, Franz Prettenthaler, from the Austrian research institute Joanneum, said that global production had fallen by 1.33 percent, following a doubling of carbon dioxide concentration in the atmosphere. Climate change causing economic losses He said that cooperation between countries in the region was necessary in order to limit the damaging effects of climate change on the most vulnerable industrial sectors. Prettenthaler added that the metal and food industry had been hit hardest, with both suffering from the inreasing lack of water. Prettenthaler said that owing to water shortages, regional industry had suffered a loss of EUR 105mn within two weeks, as well as a further EUR 40mn in gross added value. He said that it was important to adapt the development of the economy to climate change, something that called for greater cohesion between the public and private sectors, especially in the area of insurance, given the increased frequency of flooding. Forestry Administration Director at the Agriculture Ministry, Aleksandar Vasiljevic, said that forests were already paying for climate change with frequent fires, adding that 33,000 acres of land had been destroyed in Serbia this summer by fire, 16,000 of which were forests. He said that the country’s long-term plan envisaged wooded areas increasing from 27 to 41 percent by 2050, meaning that a further one million acres of forest needed to be planted. The two-day climate change conference was also used as a workshop supported by the United Nations Program for Development, with the goal of exchanging ideas on projects for limiting the negative effects of climate change.

Climate change causing economic losses

He said that cooperation between countries in the region was necessary in order to limit the damaging effects of climate change on the most vulnerable industrial sectors.

Prettenthaler added that the metal and food industry had been hit hardest, with both suffering from the inreasing lack of water.

Prettenthaler said that owing to water shortages, regional industry had suffered a loss of EUR 105mn within two weeks, as well as a further EUR 40mn in gross added value.

He said that it was important to adapt the development of the economy to climate change, something that called for greater cohesion between the public and private sectors, especially in the area of insurance, given the increased frequency of flooding.

Forestry Administration Director at the Agriculture Ministry, Aleksandar Vasiljević, said that forests were already paying for climate change with frequent fires, adding that 33,000 acres of land had been destroyed in Serbia this summer by fire, 16,000 of which were forests.

He said that the country’s long-term plan envisaged wooded areas increasing from 27 to 41 percent by 2050, meaning that a further one million acres of forest needed to be planted.

The two-day climate change conference was also used as a workshop supported by the United Nations Program for Development, with the goal of exchanging ideas on projects for limiting the negative effects of climate change.