Extreme Weather: A Costly Decade's Impact

Over the last ten years, our planet has faced over 4, 000 harsh weather events costing a stunning $2 trillion globally. The United States led this list, suffering a massive $935 billion loss, with China following at $268 billion. These numbers cover all damaging weather conditions, not just those linked to climate change, reports from the International Chamber of Commerce reveal. This alarming data is urging leaders to act fast during the Cop29 climate summit in Azerbaijan. The summit aims to decide how wealthy nations should financially support poorer countries dealing with severe weather. Last month, a study showed that over half of the 68, 000 heat-related deaths in Europe in 2022 were due to climate change. An official from the ICC emphasized the urgency, stating, "Climate change is here. The real economy feels it through major losses from extreme weather events. " Between 2014 and 2023, the expenses linked to harsh weather—like flash floods, hurricanes, and fires—kept rising slowly, driven by fossil fuel pollution. These events cost a whopping $451 billion in just the past two years. Many poor countries face the brunt of these costs. The ICC is pushing for quick financial aid to help these nations cut pollution and handle extreme weather better.