Versions :<12345678Live>
Snapshot 5:Mon, Nov 11, 2024 8:14:40 PM GMT last edited by Brian

Report: Extreme Weather Cost $2T Globally Over Past Decade

Report: Extreme weatherWeather costCost $2tn2T globallyGlobally overOver pastPast decade, report findsDecade

Above: On Oct. 29, historic rainfall, especially in Valencia, caused river to burst and severe flooding. On November 10, 2024, Valencia, Spain, flood-damaged cars are stacked at a junkyard outside Paiporta. Image copyright: Jaime Alekos/Contributor/ Anadolu via Getty Images***PLEASE REPLACE WATERMARKED IMAGE***

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.As diplomats descend on the COP29 climate meeting in Baku, 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.The consulting firm Oxera evaluated around 4K weather events from 2014-2023 affecting over 1.6B people, pointing to the direct damage inflicted upon homes, businesses, and infrastructure, as well as labor productivity caused by these disasters.


The Spin

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.

Conferences suchlike as COP29 or dire predictions from agencies such as the WMO must be contextualized within the UN's rampant climate alarmism. Whether it's supposedlysporadically searingrising temperatures, brimming oceans, or tumbling glaciers, UN climate tropes are oftenfrequently debunked with more nuanced analysis. The UN's politicizedpolicies rhetorichave limitsalso bothhad Americannegative energyimpacts securityon andcountries' personalagriculture, choicewhich shows they only care about power, not progress.

The success of COP29 climate negotiations in Baku depends on the West's commitment to funding poorer countries' climate change efforts. Low-As or zero-carbon technologyreduction, adaptingclimate to rising sea levels and shifting weather patternsadaptation, and resilient infrastructure will cost trillions., Cleanwealthy energycountries programscannot inexpect emergingpoor marketsones andto developingfoot countries will require $80 -100B by the early 2030sbillglobalrealistic equitybudgeting must be kept in mind.


Metaculus Prediction



Sign up to our daily newsletter