Report: Extreme Weather Cost $2T Globally Over Past Decade
Report: Extreme Weather Cost $2T Globally Over Past Decade
The Facts
As diplomats descend on the COP29 climate meeting in Baku, Azerbaijan, the Paris-based International Chamber of Commerce has 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 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's a current reality costing the world trillions of dollars. World leaders at COP29 must recognize that financing climate action in the developing world is not an act of generosity — it's a huge step toward making sure all nations are prepared for the worst. Every dollar invested in a more resilient global economy will benefit everyone.
Conferences like COP29 must be contextualized within the UN's rampant climate alarmism. Whether it's sporadically rising temperatures, brimming oceans, or tumbling glaciers, UN climate tropes are frequently debunked with more nuanced analysis. The UN's policies have also had negative impacts on countries' agriculture, which shows the global body only cares about power, not progress.