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.
Climate change is not a problem for the future; it is a reality with immediate consequences, costing the world trillions of dollars. 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.
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The success of COP29 climate negotiations in Baku depends on the West's commitment to funding poorer countries' climate change efforts. Low- or zero-carbon technology, adapting to rising sea levels and shifting weather patterns, and resilient infrastructure cost trillions. Clean energy programs in emerging markets and developing countries will require $80 -100B by the early 2030s—global equity must be kept in mind.