b'The Economics Behind Climate ChangeAs extreme weather events affect the globe, the economic impact comes into focus.Alex MartinGLOBALLY, EVERY COUNTRYisbeen more prominent in the Midwest,of these events, climate change will still feeling some form of the effects of cli- which has a direct impact in terms ofhave an effect on that area. mate change. The U.S. is facing droughtsharvestable crops. We need to start talking more about in portions of the country right beforeThe U.S. Environmental Protectionclimate adaptation, he says. If you look harvest. Europe, in addition to droughts,Agency reports that extreme tempera- at the news media, a lot of focus has been is facing wildfires that arent usually seen.ture and precipitation can prevent cropson climate mitigationthings like, how Other areas are experiencing difficultfrom growing, and extreme eventsfordo we curtail GHG emissions. But, there storms, such as typhoons. example, 2010 and 2012 experiencingisnt a lot of discussion around how we While the effects of climate changehigh nighttime temperatures, cost corncan help farmers and how we can help can be seen in the changing and increas- yields across the Corn Belt. A warmplants adapt to this new normal.ingly difficult weather events, thereswinter in 2012 caused Michigan cherriesAs we move to the future, focusing another aspect of climate change that$220 million in losses.on climate adaptation means seeing isnt as obviously seen: the economicMore recently, in South Asia you haveseed companies and public research effects. With every new weather disasterareas prone to flooding, Baldos says.institutions cooperating more to develop comes an effect behind it that can hurtThis year, there was huge flooding innew varieties that are more resistant to different portions of global agriculture. Pakistan, and you could actually see theextreme events, Baldos says. We see that in terms of flooding,scale of it from satellite imagery. TheseTheres also a need to start thinking those typically have an effect in terms ofextreme events will result in loss of life,about how to use water more efficiently increasing water damage and damagesloss of infrastructure and loss of livestock. in agriculture, he says. Especially when in terms of roads and so on, says UrisThe U.S. is typically more fortunateyoure thinking of a drought. The way you Baldos, research associative professorthan other regions, as the agriculturecould solve that issue is to invest in irriga-at Purdue Universitys Center for Globalsector is rather large. Baldos says thosetion, but as you have more farmers using Trade Analysis and the Department ofmost at risk to feel the economic effectsground water, thats going to lower the Agricultural Economics, noting that theseof climate change are areas where hur- ground water and lower the availability of effects can be seen currently in the wakericanes and typhoons are predicted.water for agriculture use.of Hurricane Ian in Florida.Its going to be parts of the EastIts no small task, but in working Another way climate change affectsCoast in terms of the U.S., as well as partstogether and forming partnerships, agri-the economy is through power grids, heof Southeast Asia and South Asia, such asculture can tackle the economic effects of adds. Last year, Texas had essentially aIndia and Pakistan, he says.climate change.SWsnowstorm, where they typically dontBut, even in the Midwest, seed com-experience that. Their energy infra- panies and growers alike need to under-ON THE WEBstructure and water infrastructure arentstand that a changing climate will affectWHERE equipped to handle those. them as well.Of course, in agriculture, the effectsDroughts and strong wind damages,Want to watch tthe entire Giant Views interview we had with can look a little different. Within the pastlike derechos, are appearing more oftenUris? Make sure to check it out at seedworld.com/the-economics-few years, droughts and flooding havein the Midwest. Baldos notes that becausebehind-climate-change/.56/ SEEDWORLD.COMJANUARY 2023'