Climate change is a global health emergency, projected to cause 14.5 million additional deaths and $12.5 trillion in economic losses by 2050. The crises will consist of devastation from weather events intensified by global warming and diseases that are also aggravated by rising temperatures.
But the global economy is not powerless. The World Economic Forum and Oliver Wyman have developed an in-depth report titled, "Healthcare In A Changing Climate: Investing In Resilient Solutions," that details how governments and the life sciences sector could work together to abate as much as half of the deadly consequences of climate change.
This report — the second produced by the Forum and Oliver Wyman on climate change's impact on global health — delves into the diseases most likely to be aggravated by global warming, such as malaria, dengue, asthma, heat-related illnesses, hypertension, stunting, and PTSD. It contends that with a $65 billion investment over five to eight years in the development of vaccines, treatments, and technologies, as many as 6.5 million lives could be saved. In addition, $5.8 trillion in global economic losses and significant suffering from illness and disability, in the form of one billion fewer disability-adjusted life years accrued, could be avoided.
The investment would be the first essential component in an international effort that would also rely on public-private partnerships, innovative multilateral financing mechanisms, and a worldwide push to create more climate-resilient health systems. Similar to the response to the COVID-19 pandemic, there would need to be enhanced government-industry cooperation that would include a global regulatory alignment around the development of therapies to guarantee the scalability of new drugs and eliminate unnecessary red tape.
Addressing unmet medical needs with innovative solutions for climate-driven health challenges
The conditions and illnesses exacerbated by higher temperatures will unlikely be novel. It will more likely involve addressing unmet medical needs, especially in less-developed economies where climate change’s earliest blows will be dealt. For instance, in the case of malaria, novel prevention methods, improved diagnostics, and treatments targeting multi-drug-resistant strains could prevent 44% of projected health and economic burdens.
Similarly, advancements in dengue prevention and antiviral treatments could reduce its impacts by 63%, emphasizing the need for effective vaccines and therapies. While both mosquito-borne diseases tend to be concentrated currently in Africa and Asia, the warmer temperatures are expected to extend the range of the mosquitos north to Europe and North America.
By focusing on strategic investments, public-private partnerships, and flexible regulatory frameworks, this report outlines essential strategies to mitigate health and economic burdens and alleviate suffering. To explore these insights further, download the full report for a comprehensive understanding of the challenges and opportunities ahead.
Mitigation Strategies for Reducing Disease Impact on Health and the Economy
Deep dives into these diseases are available in an Annex, published separately by Oliver Wyman. Fill in the contact form here.
