Climatic events are becoming a subject of discussion as it is not something we are encountering in the certain area but it is proceeding to impact numerous things.
Hurricanes, floods and heat waves coming to be typical climatic issues due to climate change. climate change is taking place due to human activities and other aspects are there too.
The researchers are saying that these kinds of climatic events are not impacting both Areas where it’s happening rather it’s impacting other aspects along with other regions as well.
For instance one area having issues regarding flood will not only impact that area, it will also impact the trade of the area due to the flood or Hurricane.
Do you know? University of Oxford and their Oxford environment change Institute conducted research making an effort to highlight the aspect of how Global trade is going to be impacted due to climate change. The research is indicating that there is getting on to be 122 billion dollars loss every year due to the climate change as its going to impact Global trade and portes and numerous other such activities of international trade also going to be impacted, around 81 billion dollars going to be losses by the climatic events. From here we can analyse one thing is that climate change or such extreme climate events are not going to impact some areas locally rather it has International and global consequences.
Research also underscored how these climate change and climatic events are going to impact trade,
it’s going to disturb the shipping, the trade and supply chain network.Taking a simple example one country is able to ship innumerable things from their port but if the receiving country is not able to receive it, delinquent to some climatic event like hurricane or flood. This is going to be forfeited for both of the countries as we are connected in a global economy phenomena.
Some regions like North Europe, Western United States, South Australia Middle East and West Africa are quite conditional on the East Asian ports for trade.
These types of dependencies were on a certain port and a certain country will always have some consequences such as if the climatic events hit the counterpart ports all the other dependent counterparts of trades will forfeit.
We can take a simple illustration, that if the asian port is affected by some climatic event the counterparts who are waiting for goods and services or dependent on the Asian ports will also suffer and the overall economy will be impacted with the upshots.
The research also highlighted some points about how we can straighten up the crisis and the dependency on certain region by
regulations and policies to change the port system and supply change.
Finding alternative trade routes or alternative ports can furthermore be valuable, when climatic events hit the port other ports can be utilised for the trade and it will not impact the overall economy.
The formulating technology and strengthening the overall system to apprehend that when climatic events occur and how they can stand against. It will again enable in improving the status of trade and commerce.
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