Threat posed to economy by climate change
BERNAMA in New Strait Times, 2009/05/17
KUALA LUMPUR: Climate change will shrink the global economy by 20 per cent, according to the Federation of Malaysian Manufacturers (FMM).
Taking action to mitigate and adapt to its effects was at an estimated staggering cost of about one per cent of global gross domestic product (GDP), FMM said in a statement yesterday.
FMM said the role that business should play in addressing climate change needed to be discussed as the private sector was seen as the critical provider of cost-effective solutions to the problem.
"Business plays a central role in the development and use of existing and new, cost-effective and efficient energy technologies with low greenhouse gas emissions in all sectors," FMM president Datuk Mustafa Mansur said.
"Business needs clear, predictable and stable frameworks for long-term planning and investment in projects related to energy access, supply and energy efficiency."
To address the issue, the Sixth World Chambers Congress, to be held next month, will assess the outlook for the next decade on climate, energy demand, the economy and the consumer.
Organised by the ICC World Chambers Federation and hosted by FMM, the congress will see the participation of over 1,000 local and international participants at a plenary session on the "Economic Implications of Climate Change".
According to FMM, former World Bank chief economist, Lord Nicholas Stern, who steered the most comprehensive review ever carried out on the economics of climate change, will share his experiences with the congress.
The former president of Costa Rica, Jose Maria Figueres, will be sharing the platform with him.
The session will also examine what inputs business can make to the finalisation of an agreement, scheduled for the end of this year in Copenhagen, on the United Nations Framework Convention on Climate Change. – Bernama
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