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Pacific atolls face $10 billion cost of rising sea, states World Bank

Adjusting to a sea level increase of up to 0.5 metres (1.64 feet) will cost the 3 most vulnerable Pacific atoll nations almost $10 billion equivalent to about twenty years of gross domestic product the World Bank stated in a report on Thursday.

Kiribati, Tuvalu and Marshall Islands are amongst the smallest, most remote and dispersed countries in the world, spread throughout 6.4 million square kilometres (2.47 million square miles) of Pacific Ocean, where residents live at an elevation of no more than 2-3 metres, the report said.

A 3rd of the population of Kiribati and Tuvalu are at threat of falling under severe hardship from climate shocks such as coastal flooding, while health care is under pressure from increased heat-related disease, it stated.

A water level increase of 0.5 metres, which would submerge substantial parts of these countries, could happen as soon as 2050 under a worst case scenario, or most likely by 2070, and it was essential for federal governments to act upon adaptation strategies now, it said.

Cash is a main focus of the COP29 environment talks being kept in Azerbaijan and the success of the summit is most likely to be evaluated on whether countries can concur a brand-new target for just how much richer countries, advancement lending institutions and the economic sector need to offer each year to developing countries to finance environment action.

The Pacific atolls deal with a significant climate funding space, the World Bank report stated.

The expense of physical adjustment, by building seawalls in city centres, house raising and inland moving, for a sea level increase of approximately 0.5 metres, was approximated at $3.7 billion for Kiribati, $1 billion for Tuvalu, and $5 billion for Marshall Islands.

This represents about 20 years of current GDP committed fully to physical adaptation steps, the report said.

The estimate omits the expense of other adjustment measures needed in health, education, power and water supply.

Importing sand and rock to develop sea walls and raise and recover coastlines will likewise be costly and challenging, it added.

(source: Reuters)