New global modelling is predicting extreme socio-economic damage to developing nations throughout the world due to coastal flooding caused by climate change.
The study – led by researchers from the University of Melbourne, has found countries in Asia and Africa will face severe costs in the coming decades.
Researchers have found that if no coastal defence measures are made to combat flooding, developing countries stand to experience annual damage costing five percent of their GDP.
Speaking to ABC Newsradio, Kernot Professor of Engineering at the University of Melbourne Ian Young says the consequences of sea level rise will be devastating.
The research comes following last year’s COP27 agreement to establish a ‘loss and damage’ fund which will see wealthy nations help financially support developing nations impacted by climate change.