Nineteenth International Conference on Environmental, Cultural, Economic & Social Sustainability

Abstract

The study attempts a comparative analysis of the economic implications of climate change in two developing countries; Egypt and Vietnam. This study pursues a descriptive, “literature review” approach of identifying, collecting and analyzing data from credible reports and research studies. The analysis is based on methods in order to evaluate costs and hazards on each country separately, followed by a comparison of the prospective effects. It is also supported by a wide range of evidence regarding the impacts of climate change and the incurred economic expenses. It concludes that Egypt and Vietnam are one of the most vulnerable countries to climate change impacts and face substantial economic consequences. Both countries will witness de- escalate growth rates and reduction in GDP. More specifically, climate change will affect Egypt and Vietnam as regards housing and property values, tourism sector, agriculture sector, transportation and health. Furthermore, the study provides some general adaptation strategies to deal with the climate change impacts. Energy efficiency and energy generation choices, public transport and sustainable mobility, promotion of ecological industry, agriculture, fishing, and livestock farming, tax fossil fuel, safer and more sustainable buildings are some mitigation strategies that all countries should incorporate to combat climate change’s effects. Any activity that will support production under a changing climate and safeguard less emissions should be considered. From all of these perspectives, the evidence gathered by the present work leads to a simple conclusion: the benefits of solid and early action far outweigh the economic costs of not acting.