A report released by the World Bank indicates that climate shocks in Brazil could force millions of people into extreme poverty by 2030.
The poorest people in the country are expected to be at the Greatest Risk from Climate Change, with natural disasters, reduced labor productivity, and rising food prices being identified as major factors.
The report urges Brazil to accelerate investments in renewable energy sources to reduce the risk from climate change.
Renewable Energy to the Rescue
Brazil is already in a strong position to source more renewable energy, with almost half of its energy supply and over 80% of its electricity coming from renewables.
This is significantly higher than the world averages of between 15% and 27%. The report notes that Brazil would need net investments of 0.5% of its annual GDP each year between now and 2050 to take full advantage of its low carbon potential.
Johannes Zutt, the World Bank Country Director for Brazil, warns that climate shocks could push between 800,000 and 3 million Brazilians into extreme poverty by the end of the decade.
The Threat of Climate Change
The report also highlights a study produced by the Inter-American Development Bank (IDB), which suggests that Brazil may soon reach a tipping point beyond which the Amazon basin would no longer have enough rainfall to sustain ecosystems and ensure water supply and carbon storage.
The cumulative impact on Brazil’s GDP by 2050 is estimated at $184 billion, equivalent to 9.7% of the country’s current GDP.
The social and economic impact of this disruption would be high, with serious consequences for agriculture, water supply in cities, flood mitigation, and hydroelectric power generation.
Already Feeling the Effects
The effects of climate change are already being felt in the country through changes in temperature patterns and rainfall, according to the report.
Extreme weather events in Brazil cause average losses of $2.6 billion a year.
Mudslides and major floods brought about by heavy rains have become more common in Brazil in recent years, highlighting a lack of urban planning in low-income neighborhoods throughout much of the country, where shantytowns are often built on hillsides prone to collapse.
Following the administration of former president Jair Bolsonaro, who slashed environmental protection efforts in the Amazon, President Luiz Inacio Lula da Silva took office this year with the promise of putting such efforts back on the government agenda.
Brazil needs to act fast to mitigate the impact of climate change and prevent millions of its citizens from falling into extreme poverty.
The report by the World Bank serves as a wake-up call for Brazil to prioritize investments in renewable energy and tackle the threat of climate change head-on.
In conclusion, Brazil is facing an urgent and significant risk from climate change.
The poorest people in the country are expected to be the most affected.
Brazil is in a strong position to source more renewable energy, and it needs to prioritize investments in this area to mitigate the impact of climate shocks.
The report serves as a reminder of the devastating consequences of climate change and the urgent need for action to prevent millions of people from falling into extreme poverty.