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.
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.