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Effects of climate change increasing in Asia, WMO says
  + stars: | 2023-07-27 | by ( ) www.reuters.com   time to read: +1 min
[1/2] A view shows submerged building amid flood water, following rains and floods during the monsoon season in Talti town in Sehwan, Pakistan September 15, 2022. REUTERS/Akhtar Soomro/File PhotoGENEVA, July 27 (Reuters) - Extreme weather events ranging from droughts to large-scale floods and other effects of climate change are on the rise in Asia and bound to affect food security and the continent's ecosystems, the World Meteorological Organization said. In a report published on Thursday, WMO said Asia was the world's most disaster-impacted region, with 81 weather, climate and water-related disasters recorded last year, the majority of which were floods and storms. The WMO report also highlighted that most glaciers the High-Mountain Asia region had loss significant mass as a result of warm and dry conditions in 2022. "This will have major implications for future food and water security and ecosystems," said WMO Secretary-General Petteri Taalas.
Persons: Akhtar Soomro, Petteri Taalas, Gabrielle Tétrault, Farber, Simon Cameron, Moore Organizations: REUTERS, World Meteorological Organization, WMO, Thomson Locations: Talti, Sehwan, Pakistan, GENEVA, Asia, China
The haircuts on debt owed to public and private creditors by 61 of the nations that are already in or are at most risk of debt distress are essential to avoid "cascading defaults," according to calculations from the Boston University Global Development Policy Center and the Debt Relief for a Green and Inclusive Recovery (DRGR) Project. "Without ambitious debt relief, many of the poorest countries don't have a chance," said Kevin P. Gallagher, DRGR project co-chair and director of the Boston University Global Development Policy Center. Reuters GraphicsThe researchers found that some $812 billion in debt across all creditor classes should be in scope for restructuring. To achieve the best outcome, researchers proposed to include instruments that had alleviated previous emerging market debt crises. Ratings agency Fitch said there are currently a record number of sovereign debt defaults, while the International Monetary Fund said 25% of emerging markets and 60% of low-income countries are in or near debt distress.
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