1. Home
  2. Agriculture World

World Bank Warns: Climate Shocks Threaten Extreme Poverty for 3 Mn Brazilians

A report by the World Bank, published on Thursday, warns that climate-related disasters could drive millions of Brazilians into extreme poverty by 2030. The report suggests that Brazil may need to increase its investments in renewable energy sources as a result.

Shivam Dwivedi
World Bank Warns: Climate Shocks Threaten Extreme Poverty for 3 Mn Brazilians
World Bank Warns: Climate Shocks Threaten Extreme Poverty for 3 Mn Brazilians

Natural disasters, particularly floods and droughts, increased food prices, and decreased labour productivity will strike South America's poorest, according to the report.

According to the report, Brazil is in a good position to source additional renewable energy because nearly half of its energy supply, including more than 80% of its electricity, is already generated from renewables, compared to global averages of 15% to 27%.

"To fully realize its (low carbon) potential, Brazil would require net investments of 0.5% of its annual GDP per year between now and 2050," said Johannes Zutt, World Bank Country Director for Brazil, noting that climate change could push 800,000 to 3 million Brazilians into extreme poverty by the end of the decade.

In a November research, the World Bank warned that "climate change poses a major threat to long-term development objectives, especially poverty reduction." It has published a series of documents showing the costs to governments around the world and recommended mitigation strategies.

According to an Inter-American Development Bank (IDB) research cited in the Brazil report, Brazil may soon reach a tipping point beyond which the Amazon basin would no longer receive adequate rainfall to support ecosystems, secure water supply, and carbon storage.

In the worst-case scenario, the cumulative impact on Brazil's GDP by 2050 is anticipated to be USD 184 billion, or 9.7% of the country's current GDP, as a result of climate change, deforestation, and pasture expansion. This disruption would have a substantial social and economic impact, according to the World Bank, with "serious consequences for agriculture, water supply in cities, flood mitigation, and hydroelectric power generation."

Take this quiz on World Meteorological Day to check your knowledge about meteorology! Take a quiz
Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters