Economic toll from air pollution needs action

Fine particulate matter can get lodged in our lungs and trigger massive health impact. These also foul the environment. They extract economic toll too. When over 90% of the world’s people breathe contaminated poor quality air and fall sick, it’s obvious that the ripples will be felt on the economy as well. A recent report revealed that premature deaths due to air pollution were costing the global economy a whopping $5.1 trillion annually. Another study by Organization for Economic Cooperation and Development (OECD) warned that air pollution would lead to 9 million premature fatalities by 2060 and it estimated the welfare costs to reach $25 trillion due to this.
When people die, vital labour is lost. When they fall ill, the medical bills go up. There is reduced production. All this puts pressure on economic development. Even though there is no market price for deaths or human suffering, it is a harsh reality that the environmental impact on human health does carry an expense that translates into huge economic cost. It affects economic activity and reduces efficiency. Poor production entails welfare losses. The annual income losses due to air pollution could cost around 1% of Gross Domestic Product (GDP).
“Air pollution damages natural and physical capital and constrains economic growth,” points out Laura Tuck, Vice President for Sustainable Development at World Bank. The economic fallout that air pollution unleashes calls for urgent action. There is need for more resources to improve the quality of air. The policy-makers have to devise plans that envisage healthier cities, while investing in clean technologies. These technologies will help check emissions and reduce the economic burden. The industries have to realize that if they pump in money into green practices today, they will reap rich dividends tomorrow as the health costs will be curbed.
Containing air pollution means reducing the global carbon footprint. It means taking the road to sustainable development. Innovative ways to produce clean energy and making them cost-effective; giving thrust to electric and solar-powered transportation; constructing energy-efficient buildings; recycling solid waste and protecting biodiversity are some of the ways through which sustainability can be achieved. Such environmental sustainability will help to make the ambient air less toxic.
Statistics reveal that the enormous air pollution challenge is becoming more daunting. The monetary damages are multiplying. New toxins are making the battle tougher. We need more research and info on these toxins and their sources to equip ourselves for the gruelling fight.
Economic logic tells us that the world needs a paradigm shift in the way it thinks about progress. It is a tragic irony that development that is meant to improve quality of life is actually depreciating it by exposing people to polluted air.
One person will die every 5 seconds due to outdoor air pollution by 2060. Around 3.75 billion working days per year may be lost due to health impacts of air pollution in the next five decades. These lives and labour can be saved if the emissions are curtailed. Economies must understand that the threat from air pollution is no more a threat now. It is already hitting the economies and it is high time to accelerate the gear!