Extreme Weather Inflicts $2 Trillion Global Economic Loss
Originally Published 1 year ago — by Axios
A report by Oxera for the International Chamber of Commerce reveals that climate-related extreme weather events have cost the global economy over $2 trillion from 2014 to 2023, with the U.S. suffering the most significant economic losses at $934.7 billion. The report, released ahead of the COP29 summit, highlights the urgent need for decisive climate action, as damages in the last two years alone reached $451 billion. Developing economies are particularly vulnerable, with single events potentially exceeding their annual GDP.