fbpx

Type to search

Extreme Weather Cost China More Than $10 Billion In July Alone

That was nearly as much as the climate change-related losses China suffered in the first six months of the year combined


A resident holds a child as she sits at a shop after a flood following heavy rainfall in Pingjiang county of Yueyang, Hunan province, China
A resident holds a child as she sits at a shop after a flood following heavy rainfall in Pingjiang county of Yueyang, Hunan province, China on July 4, 2024. Photo: Reuters

 

Extreme weather events including torrential rain and resulting floods cost China 76.9 billion yuan ($10.1 billion) in economic losses last month, according to government estimates.

That was nearly as much as the climate change-related losses China suffered in the first six months of the year combined.

It was also double the amount of economic losses in July last year and also the biggest amount of losses for the month since 2021.

 

Also on AF: China’s Historic Heatwave Turns Deadly Amid Power Crunch Fears

 

China has stumbled from one extreme weather event to another this year, battling a record-breaking cold wave in the early months followed by unprecedented rainfall and extreme heat.

In July, the world’s second-largest economy saw its highest temperatures in recorded history.

At the same time, southern Chinese states battled extreme rainfall, and severe flooding as a result. Torrential downpours, and their effects, accounted for 88% of the climate-related losses for the month, as per ministry estimates.

Extreme rainfall poured over vast areas such as the Sichuan Basin, Yellow River, Huai River and parts of the North China Plain, breaking precipitation records at 33 weather stations in Henan, Hunan and Shandong provinces.

One town in Henan was lashed by almost a year’s worth of rain in one day.

Meanwhile, in Hunan, Typhoon Gaemi — the most powerful tropical cyclone to hit China this year — caused the most damage.

Days of heavy rain from the remnants of the typhoon breached major dikes and dams and flooded swathes of cropland. China’s finance ministry earmarked $33 million worth of funds to counter damage from the typhoon.

A drone view shows rescue workers evacuating residents stranded by floodwaters following heavy rainfall in the region, in Caoshi town of Hengyang, Hunan province, China.
A drone view shows rescue workers evacuating residents stranded by floodwaters following heavy rainfall in the region, in Caoshi town of Hengyang, Hunan province on July 28, 2024. Photo: Reuters

At the same time, swollen major rivers that were slow to recede after bouts of flooding also worsened the impact of the rains, the ministry said.

 

Loss of life, agricultural output

Natural disasters during July affected almost 26.4 million people across China, with 328 either dead or missing, the ministry said.

During the month, 1.1 million people were relocated, 12,000 houses collapsed and 157,000 more were damaged. Some 2.42 million hectares of crop area were also affected.

In central Henan, one of the country’s main commercial crop production areas, more than 1.13 million hectares were affected with some harvests lost from soaked fields.

Thunderstorms, winds and hail also damaged crops and greenhouses in Inner Mongolia and Xinjiang.

 

More risks ahead

China describes itself as one of the world’s most climate change-vulnerable countries due to its large population, densely populated coastal areas and swiftly melting glaciers.

More than 80% of China’s glaciers are melting, according to the Oxford Institute of Energy Studies. The resulting increase in sea levels has meant that 270 million Chinese are living in areas that are sinking faster than about 0.12 inches per year.

Last year, China suffered $32.2 billion in flood-related losses alone.

Chinese authorities warned this year that impact of the climate crisis on the world’s second-largest economy will only worsen.

The coming years will bring hotter and longer heatwaves and more frequent and unpredictable heavy rain to China, the country’s weather bureau warned in July.

Those challenges have prompted China to demand ‘trillions’ in climate finance from rich nations. At the same time, the country is also pushing policies to cut its carbon emissions, with an eye on major polluting industries.

If emissions remain high, extreme heat events expected to occur once every 50 years in China could happen every other year by the end of the century, the country’s weather agency has warned.

 

 

View this post on Instagram

 

A post shared by Asia Financial (@asiafinancial)

 

  • Reuters, with additional inputs from Vishakha Saxena

 

Also read:

Climate Crisis Has Cost China Billions Already This Year

China to Set Emission Quotas for Industries, Economic Planners

China Turns to Carbon Capture, Biomass For Coal Power Emissions

Critical China Factory Hubs Face Greatest Climate Change Risk

Solar Overcapacity Kills Projects, Fuels Bankruptcies In China

China Building More Solar, Wind Than Rest of World Combined

State Funding Puts China ’15 Years Ahead of US’ in Nuclear Power

China’s BYD to Help ‘Accelerate’ Uber’s Green Transition

 

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]