Climate risks could cost some countries up to 19% of their GDP by 2030, a report by a panel of international insurers, banks and consultants has revealed.

But the Economics of Climate Adaptation working group says cost-effective adaptation measures that already exist can prevent 40% to 68% of the expected economic loss.

The report, “Shaping climate-resilient development”, combines existing climate risks, climate change and the value of future economic development to evaluate the costs of climate change and how to prevent them in China, the US, Guyana, Mali, the UK, Samoa, India and Tanzania.

It has found while significant economic value is at risk, measures such as strengthening buildings against storms, constructing reservoirs to combat drought, improved fertiliser use, awareness campaigns and disaster relief programs can all help countries adapt.

“These could deliver economic benefits that far outweigh their costs, with adaptation measures that on average cost less than 50% of the economic loss avoided,” the report said.

“However… adaptation cannot be a substitute for action to reduce carbon emissions and slow the rate of global warming.”