Climate-related extreme weather events cost $2 trillion over 10 years, report finds
The report focused on "chronic" climate-related weather events, such as higher-than-average temperatures leading to heat waves and changes in rainfall patterns leading to flooding. Economic damages from these extreme weather events in 2022 and 2023 reached $451 billion alone.
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Extreme weather events driven by climate change, including flooding and heat waves, have cost the global economy more than $2 trillion since 2014, according to a new report released this week during the 29th United Nations Climate Change Conference, or COP29.
The International Chamber of Commerce (ICC), an international group comprising of businesses across more than 170 countries, commissioned Oxera to quantify the cost of extreme weather events tied to climate.
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According to the report, 4,000 recorded weather events in the past decade resulted in cumulative losses to the global economy of around $2 trillion, with 2022 and 2023 economic damages reaching $451 billion alone.
"From a business perspective, the urgency of coordinated and collective action to accelerate emissions reductions and build resilience to changing weather patterns cannot be overstated. Simply put, the time for action is now," ICC Secretary General John W.H. Denton said in a statement.
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The report focused on "chronic" climate-related weather events, such as higher-than-average temperatures leading to heat waves and changes in rainfall patterns leading to flooding. Oxera said the extreme weather included in the report was classified as a climate event according to the United Nations Office for Disaster Risk Reduction's definition.
Oxera researchers also used NOAA data from the National Centers for Environmental Information (NCEI), which estimates that there are 8.5 extreme weather events per year exceeding $1 billion in economic losses for the U.S. This year, there have already been 24 billion-dollar disasters, according to NCEI.
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Since 2014, climate-related disasters have impacted nearly 1.6 billion people, according to the report.
An advertisement reads "115 Outside 63 Inside" at the Acrisure Arena July 3, 2024 in Palm Desert, California. A long-duration heat wave is impacting much of California with authorities warning of extreme health and wildfire risks. An excessive heat warning is in effect for all of the Coachella Valley through July 8th with highs forecast of up to 121 degrees. (Photo by Mario Tama/Getty Images)
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The ICC said the continued economic impact of extreme weather is widening the socio-economic gap with vulnerable communities seeing the worst outcomes.
"We hope the findings of this report will serve as a call to action – both to ensure a robust climate finance package is delivered at COP29 and, moreover, that governments bring forward significantly enhanced national climate action plans in early 2025," Denton said.
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The new findings were published during COP29 currently underway in Baku, Azerbaijan.