Extreme weather events cost global economy $2 trillion in the last decade

The devastating impact of climate change is becoming increasingly apparent, with a new report revealing that extreme weather events have cost the global economy a staggering $2 trillion over the past decade. Report informs that the study, published by the International Chamber of Commerce in Paris, analyzed nearly 4,000 weather events that occurred between 2014 and 2023, affecting the lives of over 1.6 billion people worldwide.

The economic toll of these events is far-reaching, with researchers reporting on both direct damage to homes, businesses, and infrastructure, as well as the impact on labor productivity. The last two years alone saw global economic losses reach $451 billion, a 19% increase compared to the previous eight years.

"The data from the past decade shows that climate change is not a problem of the future: the decline in productivity due to extreme weather events is already impacting the economy now," warned John Denton, Secretary General of the International Chamber of Commerce.

The study, conducted by consulting firm Oxera, serves as a stark reminder of the urgent need for action to mitigate the effects of climate change.