Climate change is already causing price increases on everyday items, and researchers warn it will only worsen, impacting both the planet and the economy.
Rising temperatures are linked to a 1.2 percentage point increase in annual global inflation by 2035.
Extreme weather events are disrupting supply chains and pushing insurance costs higher.
Food prices, particularly for climate-sensitive crops like olive oil and cocoa, are especially vulnerable.
Key quote:
“These are really big effects … and they are going to get worse. The clearest way we can limit that is just trying to limit climate change itself.”
— Max Kotz, climate economist at the Potsdam Institute
Why this matters:
From the grocery store to the gas pump, prices are rising, and researchers warn that the situation is poised to get worse. The economic impacts of climate change are being felt in myriad ways, as extreme weather events, shifting agricultural patterns, and disrupted supply chains drive up costs.
The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines.
Planet-warming carbon dioxide emissions from buildings and construction are jeopardising global goals to keep devastating climate change at bay, a U.N.-backed coalition warned, after data showed they hit an all-time high in 2019.
Fiat Chrysler and CNH Industrial offices were searched in Germany, Italy and Switzerland as part of a probe initiated by German prosecutors investigating emissions fraud.
Volkswagen suffered a big setback in one of the UK's largest consumer lawsuits on Monday after London's High Court ruled the company fitted its cars with "defeat device" software that circumvented pollution emissions limits.
