The Bank of Korea’s recent report highlights a worrying GDP contraction of 0.1% in South Korea’s third quarter due to extreme weather events. These phenomena, including floods, hurricanes, heat waves, and droughts, pose significant risks to human health and the economy. Examples of severe weather include the 2024 Hurricane Helen and the summer floods in Pakistan and India. Global warming exacerbates these conditions, increasing property damage, agricultural challenges, and threats to clean water supplies, particularly affecting low-income communities.
Extreme weather has notably impacted South Korea’s agriculture and fishing industries, leading to lower productivity, increased costs, and reduced demand in related sectors like restaurants. The report emphasizes the urgent need for proactive policy responses to mitigate these effects. While transitioning to renewable energy may seem costly, it is deemed essential to prevent even greater economic consequences from inaction. Additionally, individuals are encouraged to make small sustainable changes and advocate for climate policy to help address the crisis.
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