The Devastating Cost of Climate Change: $16 Million per Hour in Damage
The climate crisis has resulted in extreme weather events that have cost an estimated $16 million per hour over the past 20 years, according to a new study. Storms, floods, heatwaves, and droughts have caused significant damage and loss of life, with global heating exacerbating their frequency and intensity. The study, which calculated the increased costs directly attributable to human-caused global heating, found an average annual cost of $140 billion from 2000 to 2019. However, the figures are likely to be underestimated due to a lack of data, particularly in low-income countries. The study's findings could be used to determine funding for a loss and damage fund established at the UN's climate summit in 2022 and aid in faster delivery of funds for recovery from extreme weather disasters.