India saw two of the 10 most financially devastating climate events of 2021: Report

India witnessed two of the world's 10 most financially devastating climate events in 2021. Both caused financial losses worth more than $1 billion, apart from loss of lives, and are related to climate change, says a new report from the UK-based non-profit Christian Aid.

 

The report, 'Counting the cost 2021 A year of climate breakdown', looks at the ten most financially devastating climate events of 2021 -- from hurricanes in the US, China and India to floods in Australia, Europe and Canada.

 

The top ten most financially damaging events cost at least $1.5 billion, with Hurricane Ida in the US topping the list with $65 billion in losses. The floods in Europe came second at $43 billion.


Cyclone Yaas hit India in May, killing at least 19 and displacing more than 11,000. It was the seventh most expensive climate disaster in 2021 and caused losses worth $3 billion. In Odisha, more than 10,000 villages were damaged.
 

Cyclone Tauktae, the 10th most expensive climate disaster and the strongest cyclone to make landfall in Gujarat since 1999, hit India in May 2021. It resulted in losses worth $1.5 billion, killed at least 198 people and displaced more than 2,00,000 people

 

2021 is expected to be the sixth year when global natural catastrophes have crossed the $100 billion insured loss threshold. The report said that all these six years were after 2011, and 2021 will be the fourth such year in the last five years.

 

Most of these estimates are based only on insured losses, which means the true financial costs of these disasters are likely to be even higher. Costs are higher in richer countries because they have high property value and can afford insurance, the report said.

 

India is currently the third-largest emitter of greenhouse gases in the world. However, India’s historical contribution to carbon emissions is relatively small, especially considering the size of the country and its large population.

 

The intensity of cyclones hitting the countries around the North Indian Ocean has increased over the last few decades. As the planet becomes warmer due to human-caused greenhouse gas emissions, the atmosphere can hold more water, driving extreme rainfall during cyclones, which can lead to more flooding, the report said.

 

In addition, global sea levels have already increased about 21-24 cm since pre-industrial times as a result of human greenhouse gas emissions. As the sea level rises, so does the distance that storm surges can reach.

 

The report recommended that countries urgently cut greenhouse gas emissions, and create a fund for losses and damages suffered by vulnerable countries. Besides, richer countries must help developing countries in tackling these disasters, it said.