The frequency and severity of climate-related disasters are rising faster in the Middle East and Central Asia than anywhere in the world, posing a 'major threat' to growth and prosperity, IMF Managing Director Kristalina Georgieva said.
An aerial view shows Iftin Camp for the internally displaced people outside Baradere town, Gedo Region, Jubaland state, Somalia, March 13, 2022. REUTERS/Feisal OmarWASHINGTON, March 30 - The frequency and severity of climate-related disasters are rising faster in the Middle East and Central Asia than anywhere in the world, posing a "major threat" to growth and prosperity, IMF Managing Director Kristalina Georgieva said.
Georgieva said extreme weather events typically cut annual economic growth by 1–2 percentage points per capita. She lauded the United Arab Emirates, a major oil producer, for its pledge to invest more than $160 billion in renewable energy to achieve net zero carbon emissions by 2050. Egypt, meanwhile, was investing in modern irrigation techniques, education and health care.
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