Climate Change Costs Global Economy $2 Trillion Over the Last Decade, US Hit Hardest

A new report examining 4,000 extreme weather events linked to climate change reveals a staggering global cost of $2 trillion over the past decade.

The United States faced the highest economic losses, totaling $935 billion, followed by China with $268 billion.

This analysis, commissioned by the International Chamber of Commerce (ICC), tracks the overall financial impact of violent weather, not just those directly attributed to climate change.

The findings underscore the urgency for action at the ongoing COP29 climate summit in Azerbaijan.

The summit is grappling with determining financial commitments from wealthy nations to assist poorer countries in addressing climate-related damage and adapting to the increasing intensity of extreme weather events.

A separate study from last month highlighted that over half of the 68,000 heat-related deaths in Europe during the summer of 2022 were directly linked to climate breakdown.’

According to ICC official John Denton, this data makes it clear that climate change is already a present-day crisis.

“Major productivity losses from extreme weather events are being felt in the here and now by the real economy,” Denton emphasized.

The report also indicates a steady rise in the economic toll from extreme weather events such as hurricanes, flash floods, and wildfires between 2014 and 2023.

The cost surged to $451 billion in just the past two years, driven by rising global temperatures fueled by fossil fuel emissions.

Developing countries, which are often the most vulnerable, bear the brunt of these disasters.

The ICC has called for swift action, urging wealthier nations to step up financial support to help developing economies reduce pollution and adapt to the intensifying impacts of climate change.

Denton stressed that supporting climate action in poorer nations is not mere charity, but an investment in a more resilient global economy.

The time for urgent, impactful action is now.