Report: Extreme Weather Cost $2T Globally Over Past Decade

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Facts

  • As diplomats descend on the COP29 climate meeting in Baku, Azerbaijan, the Paris-based International Chamber of Commerce has published a study claiming that severe weather has cost the world $2T over the last decade.[1]
  • The consulting firm Oxera evaluated around 4K weather events from 2014-2023 affecting over 1.6B people, pointing to the direct damage inflicted upon homes, businesses, and infrastructure, as well as labor productivity caused by these disasters.[2][3]
  • Researchers discovered that global economic losses in the past two years were close to $451B, marking a 19% rise compared to the previous eight years.[2]
  • The US suffered the highest total economic loss ($935B), followed by China ($268B) and India ($212B). Per capita, the French territory of Saint Martin endured the worst at over $158K, with the US territory of Puerto Rico coming in fifth at over $27K.[4]
  • Per capita, Puerto Rico, a US territory still continuing to grapple with the aftermath of 2017's devastating Hurricane Maria, ranked fifth among the worst-affected nations. The US finished tenth in these rankings.[4]
  • In releasing the report, the Chamber secretary-general John Denton emphasized the need for investing in developing countries, arguing that the entire world must "accelerate the deployment of finance to ensure" that every country can become more climate resilient.[1][3]

Sources: [1]The Guardian, [2]Report News Agency, [3]ICC and [4]Axios.

Narratives

  • Narrative A, as provided by The Guardian. Climate change is not a problem for the future, it's a current reality costing the world trillions of dollars. World leaders at COP29 must recognize that financing climate action in the developing world is not an act of generosity — it's a huge step toward making sure all nations are prepared for the worst. Every dollar invested in a more resilient global economy will benefit everyone.
  • Narrative B, as provided by RealClear Energy. Conferences like COP29 must be contextualized within the UN's rampant climate alarmism. Whether it's sporadically rising temperatures, brimming oceans, or tumbling glaciers, UN climate tropes are frequently debunked with more nuanced analysis. The UN's policies have also had negative impacts on countries' agriculture, which shows the global body only cares about power, not progress.