Last month, Hurricanes Helene and Milton caused between $51.5 billion and $81.5 billion in property damage, mostly in southeastern states, according to CoreLogic estimates. USA. And that’s just a small fraction of what climate change cost people all over the world, CNN reports.
Another financial crisis – the effect of climate change
A report by the International Chamber of Commerce estimated that total cost of damage caused by extreme weather phenomena related to climate worldwide was approximately USD 2 trillion in 2014-2023. This is approximately the same as the global economic losses financial crisis from 2008.
The impact of climate change on the economy requires a response
ICC, the largest business organization in the world, promotes international trade and investments. In a report released Sunday, the group said its goal is to get governments and businesses to accelerate policies that would reduce greenhouse gas emissions that directly contribute to global climate change.
“Just as the global financial crisis was met with a swift and coordinated response by world leaders, we need governments to understand that the impact of climate change on the economy requires a response of similar speed and decisiveness,” John WH Denton AO, ICC Secretary General, said in a statement to CNN.
Trump intends to abolish climate regulations
Report ICC was published less than a week after Donald Trump was re-elected as US president. Donald Trump promised to abolish climate regulations in the country, including withdrawing limits on pollution from exhaust pipes and power plants. During his last term, Trump withdrew the United States from the Paris climate accord, arguing that it placed an unfair economic burden on Americans.
More disasters, more losses
According to the report, approximately 1.6 billion people were affected by these weather events. It’s going to get worse. According to the ICC, there was an 83% increase in the number of recorded climate disasters between 1980-1999 and 2000-2019. In 2022 and 2023, economic damage reached $451 billion, an increase of 19% compared to the annual average of the previous eight years.
Figures released last week by Europe’s Copernicus Climate Change Service confirm that the world is likely to pass a grim milestone this year. 2024 will likely be the hottest year on record.
