PARIS, Nov 11: Violent weather events over the past decade have inflicted nearly $2 trillion in economic losses globally, according to a report by the International Chamber of Commerce (ICC).
The report highlights a sharp increase in weather-related losses, with $451 billion in damages recorded in the past two years alone.
US, China, India Bore Greatest Loss
The US bore the brunt of these economic losses over the ten years, losing $935 billion, followed by China at $268 billion and India at $112 billion.
Small island nations, like Saint Martin and the Bahamas, faced the highest per capita losses due to their vulnerability to hurricanes and rising sea levels.
Climate Change is Impacting Us Now
John Denton, ICC’s secretary-general, stated that the findings underscore how climate change affects the economy today, not just in the future.
Scientists have increasingly attributed such extreme weather events to climate change, with research suggesting that over half of the 68,000 heat-related deaths in Europe’s 2022 summer can be linked to climate breakdown.
1.6 Billion People Impacted
The report revealed that climate-related disasters have affected approximately 1.6 billion people and led to unprecedented productivity losses.
Economic damages totaled $451 billion in the last two years alone—a 19% rise from the annual average of the previous decade.
2024 To Be The Hottest on Record
Separate findings from the Copernicus Climate Change Service reveal that 2024 is on track to be the hottest year recorded.
The report points to an 83% increase in climate-related disasters between 1980–1999 and 2000–2019.
