SINCE 1970, the economic losses from climate disasters have risen steadily over the decades. It was the highest between 2010 and 2019 at about $1.3 trillion, an increase of over $400 billion from the previous decade. In 2023 alone, the economic losses due to natural disaster events worldwide amounted to about $380 billion. Globally, the water-related risks are estimated to cause $5.6 trillion by 2050.
As we shift from the dry season to wet season, we are now faced with a separate set of challenges, from El Niño to La Niña. Last week, Typhoon Carina left the Philippines with loss of lives, 1.3 million people displaced, P400 million in agricultural damages, and the urgent need for drinking water for those affected. Ranking high in the Philippines’ natural/climate disaster risk index are mostly water related from tsunami, tropical cyclones, coastal and river floods, to droughts. This is a reality that has unfolded and continues to unfold. A resilient and sustainable path is needed to address the risks and challenges arising from water.
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