1 in 4 U.S. homeowners is financially unprepared for costs of extreme weather, report finds
CBSSEP 20 2024
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.
xcgjklhkögdsagashClimate change is not a problem for the future; it is a reality with immediate consequences. World leaders at COP29 in Baku must recognize that financing climate action in the developing world is not an act of generosity. All nations must immediately transition to low-carbon, climate-resilient development. Every dollar we invest in a more resilient global economy will benefit us all.