CLIMATE CHANGE:As many as 150 million people in the world's big coastal cities are likely to be at risk from flooding by the 2070s, more than three times as many as now, according to a report released yesterday.
Climate change, population growth and urban development will mean the number at risk will rise from the current 40 million, while total property and infrastructure exposure is forecast to rise to $35 trillion (€24 trillion) - 9 per cent of projected global GDP.
The report from the Organisation for Economic Co-operation and Development, put together by disaster modelling firm Risk Management Solutions and leading scientists, is part one of the largest ever study on urban coastal flood exposure. The report analysed the vulnerability now and in the future of 130 port cities to a major flood, on a scale likely to occur once in 100 years.
Miami in Florida will remain the city with the highest value of property and infrastructure assets exposed to coastal flooding caused by storm surge and damage from high winds.
The city has exposed assets of $400 billion (€271bn) today. Those are projected to rise in value to more than $3.5 trillion (€2.4 trillion) by 2070.
But with rapid economic development in Asia, Guangzhou in China will be the second most exposed city in terms of assets in 2070, followed by New York, Kolkata, Shanghai, Mumbai, Tianjin, Tokyo, Hong Kong and Bangkok, the report said.
Population growth and urban development in coastal cities will increase the exposure, exacerbated by the effects of climate change and subsidence, the report said.