A shadow ‘financial crisis’ has cost the world $2 trillion
CNN
A new report is flashing a warning signal about natural disasters, finding that their total economic damage has intensified in recent years.
Last month, two major storms, Hurricane Helene and Hurricane Milton, caused a total of between $51.5 billion and $81.5 billion of property damage, mostly to Southeastern US states, according to estimates from CoreLogic. That’s a lot of damage – but it’s only a small fraction of what climate change has cost people around the world. A new report is flashing a warning signal about climate change and natural disasters, finding that their total economic damage has skyrocketed into the trillions. The report from the International Chamber of Commerce, which comes as the United Nations Climate Change Conference begins in Azerbaijan this week, estimated that the total cost of damage from climate-related extreme weather events globally was approximately $2 trillion between 2014 and 2023 – roughly in line with the economic toll of the 2008 global financial crisis. The ICC, the largest business organization in the world, promotes international trade and investment. In the report released on Sunday, the group said it aims to push governments and businesses to accelerate policies that would reduce greenhouse gas emissions, which directly contribute to global climate change. “Just as the global financial crisis was met with a swift and concerted response from world leaders, we need governments to understand that the economic impact of climate change necessitates a response of similar speed and decisiveness,” said John W.H. Denton AO, the secretary general of the ICC, in a statement to CNN.