Report: Extreme weather’s global economic toll hits $2 trillion over the last decade
The world has lost $2 trillion in the past decade due to extreme weather, with the U.S., China, and India bearing the highest economic losses, according to a new report commissioned by the International Chamber of Commerce (ICC).
Ajit Niranjan reports for The Guardian.
In short:
- The ICC report found that extreme weather events have cost the global economy $2 trillion from 2014 to 2023, with $451 billion in damages over the last two years.
- The U.S. incurred the highest costs at $935 billion, followed by China and India, largely due to hurricanes, floods, and droughts.
- Small islands like Saint Martin and the Bahamas suffered the most economic damage per capita, underscoring the vulnerability of poorer, climate-exposed regions.
Key quote:
“The data from the past decade shows definitively that climate change is not a future problem. Major productivity losses from extreme weather events are being felt in the here and now by the real economy.”
— John Denton, ICC secretary-general
Why this matters:
The growing financial toll of climate-related weather events reflects a global economy under strain as climate impacts intensify. Vulnerable and poorer regions face greater economic hardship, heightening calls for global action to finance resilience and support sustainable development.
