Extreme weather events associated with climate change have cost the global economy more than $2 trillion over the past 10 years, according to a report published on the website of the International Chamber of Commerce in Paris.
The report examines about 4,000 weather events that occurred between 2014 and 2023 and affected a total of 1.6 billion people. The researchers took into account both direct damage from the destruction of homes, businesses and infrastructure, and the impact of weather conditions on labor productivity.
As indicated in the document, “in the last two years alone, global economic damage has reached $451 billion, which is 19% more than in the previous eight years.” “Data from the past decade shows that climate change is not a problem of the future: the loss of productivity due to extreme weather events is already affecting the economy,” said John Denton, Secretary General of the Chamber.
The study was conducted by the consulting company Oxera. The report was published ahead of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP-29), which opens in Baku on Monday.