Global warming is causing not only health hazards, but it has many adverse economic and social consequences also. Native people living in high-altitude regions are already facing the ill effects of global warming. The future climate changes will have diverse effects on human lives. Africa may be the most exposed continent. Similarly, developing countries are more in danger than developed countries, because the developed countries have sufficient means to fight any disaster. Some regions like Arctic nations and small islands will be adversely affected if the temperature raises 1-2 degree Celsius, while above 2-3 degree Celsius warming would affect the most of the world.
The net economic influences of global warming are extremely vague. Climate change can bring a change in gross world product; it may be plus or minus a few percent. But, even small changes in gross world product can bring about comparatively large changes in national economies. The most directly affected industry is the insurance industry. A 2004 report by the Association of British Insurers noted that changing weather increases risks for households and property by 2-4% per year and the claims for storm and flood compensations in the UK had increased twofold over the period 1998-2003, weighing against the past five years. As a result, the insurance premiums have become so high that in some areas it will be nearly impossible for some to afford flood and storm insurance.
Global warming has many adverse effects on transportation, agriculture, and food also. As a result, the overall development is slowed down. Great temperature variations damage our roads, airport runways, railway lines and pipelines, oil pipelines, sewers, water mains, etc. Therefore, extra money and efforts are required to maintain and renew the whole system. Areas of permafrost have been affected badly resulting in crumpled roads, caved in foundations, and badly damaged runways. Climate change has diverse impact on agriculture, as some areas, such as mid-and high-latitude areas, are benefitted from modest temperature increase, while others like low-latitude areas are adversely affected. Likewise, some crops are badly affected, while others are not.
The overall effects of global warming are very dangerous for people and countries without sufficient means to lessen those impacts. This may deter economic and social development, making it more difficult to meet the Millennium Development Goals. A report by the Working Group on Climate Change and Development in Oct. 2004, and the July 2005 report ‘Africa- Up in Smoke’ declared increased hunger and diseases caused by less rainfall and extreme weather conditions, especially in Africa. Thus, global warming has severe economic and social impacts on our lives.