Journal of Economics and Development Studies

Economic Impacts of Climate Change: Evidence from OIC Member Countries
Bukhari Sillah

Abstract
The paper attempts to explore the market impacts of climate change in the Organization of Islamic Cooperation (OIC) member countries. The market impact is examined through the production function using temperature in degree Celsius as a climate change variable. The paper finds that 1 percent increase in temperature is associated with1.2 percent fall in real GDP for OIC member countries. The findings confirm the general conclusions in the literature. In examining the data on the climate-related damages for the period 1992 -2011, Djibouti, Tajikistan, Guyana and Bangladesh are found to have lost on average around 2% of their GDPs to extreme weather events. The development banks should prioritize adaptation and mitigation measures for their member countries. In poor member countries, the projects should emphasize adaptation measures and emphasize mitigation measures in rich member countries. The rich countries are the big emitters, and they suffer relatively the least economic impacts of climate change, while the poor countries are the least emitters, and they suffer relatively the largest economic impact of the climate change.

Full Text: PDF     DOI: 10.15640/jeds.v5n4a6