Over the past two decades, extreme weather events due to climate change like hurricanes, floods, and scorching heatwaves have racked up a bill of $2.8 trillion.
In the quiet ticking of the clock, a relentless and unseen cost accracts — climate change is bleeding the world’s economy dry at an astonishing rate of $16 million per hour. According to a recent study, this silent drain on global resources is projected to burgeon into an annual loss of between $1.7 trillion and $3.1 trillion by 2050. This staggering sum encompasses damages to infrastructure, agriculture, property, and the incalculable toll on human health.
RELEVANT SUSTAINABLE GOALS
The most vulnerable? The world’s poorest nations, already grappling with the harshest realities of our warming planet. Over the past two decades, extreme weather events like hurricanes, floods, and scorching heatwaves have racked up a bill of $2.8 trillion. Breaking down these numbers further, we find an average annual cost of around $143 billion, according to the study’s authors.
The Hidden Cost Of Climate Change
The researchers employed a method known as Extreme Event Attribution (EEA) to establish a connection between human-induced greenhouse gas emissions and the escalation in extreme weather events. They juxtaposed these findings against the socio-economic impacts of these calamities, revealing a direct link between climate change and its economic repercussions.
Their analysis covered 185 extreme weather events from 2000 to 2019, revealing a heartbreaking tally of 60,951 human lives lost to climate-linked disasters. The financial damage attributed to these events amounted to $260.8 billion, approximately 53% of total losses. Storms and hurricanes accounted for the majority of these costs, while heatwaves, floods, droughts, and wildfires followed suit.
In total, the period from 2000 to 2019 saw $2.86 trillion in costs due to climate-related extreme weather events, averaging $143 billion each year. The annual costs fluctuated, dipping to $23.9 billion in 2001 and peaking at a jaw-dropping $620 billion in 2008. These findings, published in the journal Nature Communications, underscore the grave financial implications of our changing climate.
However, these figures, as alarming as they are, might just be the tip of the iceberg. Ilan Noy, a study co-author and professor at Victoria University of Wellington, New Zealand, points to data limitations for certain events. The absence of comprehensive data on heatwave fatalities in regions like sub-Saharan Africa suggests that the actual costs could be significantly higher than reported.
Beyond the quantifiable losses, the study acknowledges the profound yet immeasurable impacts of extreme weather: the trauma, educational disruptions, and job losses that exacerbate the toll on human lives. Policymakers, the study suggests, could use these findings to guide funding allocations for rebuilding in the aftermath of climatic disasters, a strategy outlined at the United Nations Framework Convention on Climate Change (COP27).
The authors, Noy and Rebecca Newman, a graduate analyst at the Reserve Bank of New Zealand, argue for the adoption of this attribution-based methodology as a decision-making tool. It could aid in adapting to minimize the adverse impacts of climate-related extreme weather events and potentially fill an evidentiary gap in climate change litigations aimed at compelling governments and corporations to amend their policies.
As the world converges at the COP28 summit, these revelations lay bare the colossal, often hidden costs of climate change. They serve as a sobering reminder of the price we pay every hour and the urgent need for global action to stem this tide of loss and devastation.
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