Climate change’s $150 billion hit to the US economy
Extreme weather events in the U.S. are happening more often, costing over $1
billion every three weeks. This is a big increase from the 1980s when it was
every four months, even when accounting for inflation. A recent report from
the U.S. National Climate Assessment highlights that these events now cost
the U.S. almost $150 billion each year, with poorer communities being hit
the hardest.
The report also talks about the economic impacts of taking action against
climate change for the first time. If the U.S. doesn't invest more in clean
energy and make cities ready for higher temperatures and rising sea levels,
the economic consequences of climate change will get worse. The report says
that while some impacts are already felt, future changes will be more
significant across the U.S. economy.
Different parts of the country are facing climate-related risks. For
example, ski resorts, farmers, and fisheries are all affected. Droughts,
wildfires, hurricanes, and floods are happening more frequently because of
increasing greenhouse gas emissions. This is disrupting food and water
supplies and affecting people's way of life. About 40% of the U.S.
population lives in coastal areas exposed to rising sea levels, and millions
of homeowners could be forced to move by the end of the century.
Apple Watch Series 9 [GPS 41mm] Smartwatch with Starlight Aluminum Case with Starlight Sport Band S/M. Fitness Tracker, Blood Oxygen & ECG Apps, Always-On Retina Display On Amazon Click HERE To Buy
To tackle these challenges, the Energy Department is making $3.9 billion
available to upgrade the country's power grid, and the Environmental
Protection Agency is offering $2 billion for community climate projects. The
report emphasizes the urgency of these investments to reduce emissions and
remove carbon dioxide from the atmosphere.
Despite a recent decline in U.S. emissions, it's not enough to meet climate
goals. Emissions would need to decrease more than 6% annually to prevent the
climate from warming beyond certain limits. The report comes ahead of a
global climate summit and supports President Biden's efforts to invest in
clean energy for economic and environmental benefits.
The report also highlights the opportunities created by moving away from
fossil fuels. It predicts that losses in fossil-fuel jobs will be outweighed
by new clean-energy jobs, and the benefits of slowing climate change will be
greater than the costs. The report encourages swift action, as waiting will
lead to higher expenses from disasters and lower revenue for governments.
The national climate assessment is produced every four years, and this
latest version expands on findings from 2018. It involves over 750 experts
and is reviewed by 14 federal agencies. The report goes beyond just disaster
costs, also detailing how climate change can affect life expectancy,
recreational activities, and mental health. We kindly request you to
disseminate this news and provide your insights in the comments section.
Thank you
0 Comments