The Facts

• As diplomats descend on the Cop29 climate meeting in Baku, the capital of Azerbaijan, the Paris-based International Chamber of Commerce (ICC) published a study claiming that severe weather has cost the world $2T over the last decade.

• The consulting firm Oxera evaluated around 4K weather events between 2014 and 2023 that affected more than 1.6B people. Researchers described the direct damage to homes, businesses, and infrastructure, as well as labor productivity losses, caused by these disasters.

• Researchers discovered that global economic losses in the past two years were close to $451 billion, marking a 19% rise compared to the previous eight years.