The cost to the economy from climate related disasters is rising.
Since 1980, costs associated with Wildfires, Hurricanes, Floods and Droughts have quadrupled! In the last 40 years, climate-related disasters killed over 14,000 people and cost more than $1.77 trillion.
Hurricanes = $954 Billion
Wind, hail and ice storms = $268 Billion
Drought = $253 Billion
Flooding = $150 Billion
Wildfires at $85 Billion
In the 1980s, the average cost of extreme weather events in the US was about $18 billion a year. In the 2010s, the total annual cost average $80 billion per year, over 4 times as much! (Source: NOAA).
The number of events costing over $1 billion each has also increased.
1980’s – 29
1990’s – 53
2000’s – 62
2010’s – 119
2020’s – ???
The effects of climate change are real and they are here already. And according to the Intergovernmental Panel on Climate Change, it is only going to get worse. We can’t afford to let this happen. For the complete article, click here. https://insideclimatenews.org/news/24082020/extreme-weather-costs-wildfire-climate-change?
THE NUMBER ONE THREAT TO THE GLOBAL ECONOMY.
ECONOMIC TRENDS
117 global financial institutions have announced they will stop financing coal-fired power plants.
A recent analysis published in Nature Energy found that continuing current fossil fuel subsidies would make it profitable to extract half of all domestic oil reserves. This could increase U.S. oil production by 17 billion barrels over the next few decades and emit an additional 6 billion tons of carbon dioxide. Environmental and Energy Study Institute. Read Fact Sheet here.
Additional Reading:
Environmental Defense Fund, “The true cost of carbon pollution,” last accessed July 7, 2020.
Fossil Free Divestment, “1000+ Divestment Commitments,” last accessed July, 2020.
International Energy Agency, “World Energy Investment 2020,” May, 2020.
Joel Makower, “The growing concern over stranded assets,” GreenBiz, September 10, 2019.