Goldman Sachs Released a 34-Page Analysis of the Impact of Climate Change. And the Results Are Terrifying.
- A Goldman Sachs report on the impact of climate change on cities across the world makes for grim reading.
- Rising temperatures would lead to changing disease patterns, more intense and longer-lasting heatwaves, more destructive weather events, and pressure on the availability and quality of water for drinking and agriculture.
- Major cities were also highlighted at risk of flooding with parts of New York, Tokyo, and Lagos all at risk of being partially submerged.
The bank’s Global Markets Institute, led by Amanda Hindlian, warned of “significant” potential risks to the world’s largest cities, which are especially vulnerable to more frequent storms, higher temperatures, rising sea levels, and storm surges.
Cities generate about 80% of global GDP and are home to more than half of the world’s population, a share that Goldman says, citing the United Nations, is projected to reach two-thirds by 2050. About 40% of the global population lives within 100 kilometers of a coast, it says, and 1 in 10 live in areas less than 10 meters above sea level.
Goldman highlighted three cities which would be subject to those storm surges and in the future could face harmful flooding — New York, Tokyo, and Lagos. Miami, Alexandria, Dhaka, and Shanghai face major flood risks due to being less than 11 meters above sea level.
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