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Climate Change Economic Impact: \$2 Trillion Loss
The ICC reports climate change-related disasters have cost the global economy \$2 trillion in the last decade, urging swift action.
Greek
Greece
EconomyClimate ChangeEnergy SecurityEnvironmentGlobalDisasters
International Chamber Of Commerce (Icc)CorelogicEuropean Copernicus Climate Change ServiceUnited Nations
John Denton
- What is the ICC's call to action regarding climate change?
- The ICC is urging governments and businesses to accelerate policies that reduce carbon emissions, emphasizing the need for a swift and decisive response to the economic impacts of climate change, similar to the response to the 2008 financial crisis.
- How has the frequency of natural disasters changed compared to previous decades?
- The frequency of natural disasters has increased dramatically; recorded events from 2000-2019 were 83% higher than in the previous two decades. Damages from natural disasters in 2022 and 2023 reached \$451 billion, a 19% increase over the previous eight-year average.
- How many people were affected by extreme weather events, according to the ICC's study?
- The ICC's study analyzed almost 4,000 extreme weather events across six continents, assessing direct economic impacts like property damage and indirect impacts on productivity. These events affected an estimated 1.6 billion people worldwide.
- Which country suffered the highest economic losses from climate change-related events?
- The United States suffered the most significant losses, totaling \$935 billion, followed by China with \$268 billion and India with \$112 billion. Several European and other countries also experienced substantial damage.
- What is the estimated economic cost of extreme weather events over the past decade, according to the ICC?
- The International Chamber of Commerce (ICC) estimates that extreme weather events have cost the global economy \$2 trillion over the past decade (2014-2023). This is due to climate change-related natural disasters, impacting various countries including the US, China, and India most severely.