BANGKOK, October 16, Siam International News – The world is falling short of the 2016 Paris Agreement’s target to limit global temperature increases to 1.5°C by the end of the century. In 2023, global temperatures rose to 1.46°C above pre-industrial levels, raising alarms about the accelerating pace of climate change.
The impact of extreme weather, fueled by rising temperatures, is increasingly evident across the globe. Heatwaves, floods, hurricanes, and other natural disasters are becoming more frequent and severe, posing serious risks not only to the environment but also to global economic stability.
Dr. Thon Thamrongnawasawat, Deputy Dean of Kasetsart University’s Faculty of Fisheries, told Siam International News that the world is on a fast track to drastic climate changes over the next several decades.
“There is already enough greenhouse gas in the atmosphere to lock in significant climate change for the next 30 years,” Dr. Thon said. “Even if we act now, we won’t see immediate improvements. However, today’s actions will create better conditions for future generations in 40 to 50 years.”
Economic Impact of Global Warming
Climate change is not only an environmental issue but also a growing economic threat. Nearly all human activities contribute to global warming, and the resulting damage will have widespread financial consequences.
“All of our actions, from eating beef to buying a t-shirt, have some impact on global warming,” Dr. Thon said. “The effects of global warming permeate all sectors, including tourism, agriculture, and fisheries.”
Thailand, for instance, faces significant economic losses due to rising sea temperatures and the bleaching of its coral reefs. Dr. Thon warned that over 90% of coral reefs in Thailand experienced bleaching in early 2024. If the reefs die, it could result in trillions of baht in lost revenue for the tourism industry.
“Coral reef destruction would not only damage marine ecosystems but also affect the livelihoods of millions of people,” Dr. Thon said.
Broader Economic Consequences
The effects of global warming extend beyond specific industries. Agriculture, a cornerstone of many economies, is facing severe disruptions from prolonged droughts, unpredictable weather patterns, and extreme heat. These factors could lead to decreased crop yields, higher food prices, and supply chain instability.
Natural disasters, which are growing in frequency and intensity, also carry heavy economic costs. Hurricanes, floods, and wildfires cause billions of dollars in infrastructure damage, strain government resources, and disrupt trade. As climate-related disasters worsen, recovery efforts are becoming more expensive and lengthy, putting additional pressure on both developed and developing economies.
“The economic impact of climate change will be felt globally,” Dr. Thon said. “Every time a disaster strikes, it doesn’t just affect the immediate area; it creates ripples that disrupt the economy far beyond.”
Countries in the Global South are particularly vulnerable, as many rely on agriculture and tourism, sectors highly sensitive to climate change. For these nations, the economic fallout of extreme weather events could lead to deeper poverty and reduced international investment, further widening the gap between wealthy and poorer countries.
Urgent Call for Action
Dr. Thon emphasized that addressing climate change requires action from everyone, not just governments and scientists.
“This is not just a scientific issue,” he said. “Everyone needs to be involved. Our choices, whether in food, travel, or energy use, all play a part.”
While individual actions can help, Dr. Thon stressed that systemic changes are essential. Moving away from fossil fuels, increasing investment in renewable energy, and adopting more sustainable practices across industries are critical steps to mitigate the worst impacts of climate change.
“The time to act is now,” Dr. Thon said. “If we delay, the damage will be irreversible, and the economic and environmental costs will only continue to grow.”
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Summary
Global temperatures have reached 1.46°C above pre-industrial levels in 2023, nearing the Paris Agreement’s limit of 1.5°C by 2100. With extreme weather events becoming more frequent, the economic impact of climate change is deepening. Industries like tourism and agriculture are already facing significant disruptions, and the financial toll of natural disasters is rising. Experts like Dr. Thon Thamrongnawasawat warn that without immediate global action, the economic and environmental consequences will escalate, affecting economies worldwide.
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