Climate crisis inflicts $16 million per hour in extreme weather damages

The terms “climate change” and “global warming” are frequently thrown around carelessly in our daily talks. So much so that the true threat they represent to humanity is frequently disregarded. The results of a recent research may serve as another reminder for us to sit down and give something that might endanger our very survival on the one planet we call home, some serious thought.

The cost of global warming directly attributed to humans has never been calculated before, according to the study, as The Guardian reported. According to reports, between 2000 and 2019, the cost of global warming was estimated to have cost us USD 140 billion year. The cost was USD 280 billion in 2022, according to the most recent figures. As a result of the absence of statistics from many nations, particularly from low-income nations, the actual figure might be significantly higher. Furthermore, factors like the cost to the environment brought on by a drop in food yields and an increase in sea level were not taken into consideration.

The survey also discovered that over the course of two decades, the climate catastrophe has had an impact on 1.2 billion individuals.

The loss of life was responsible for two thirds of the damage expenses. The third was brought on by the destruction of other assets.

The researchers claim that the financing requirements for the loss and damage fund, which was created at the United Nations climate conference in 2022, may be determined using their methodology. The money will be used to help less developed nations recover from harsh weather occurrences.

According to Prof. Ilan Noy, who was reported by The Guardian, “The headline number is $140bn a year and, first of all, that’s already a big number.” Prof. Noy attends New Zealand’s Victoria University of Wellington. Together with Rebecca Newman, a coworker, he conducted the study.

“Secondly, it appears that those quantifications are underestimating the impact of climate change when compared to the traditional quantification of the cost of climate change [using computer models].”

Notably, there was no information on the number of persons who died or the amount of financial harm inflicted by such catastrophic weather occurrences.

That suggests that the $140 billion in our headline figure is a substantial underestimation, he added. He used the example that information on heatwave deaths was only accessible for Europe. “We have no idea how many people perished in sub-Saharan Africa due to heatwaves.”

Climate change represents one of the most urgent and far-reaching crises facing humanity. It is characterized by rising global temperatures, melting polar ice, extreme weather events, and shifting weather patterns. Human activities, primarily the burning of fossil fuels and deforestation, have significantly escalated the concentration of greenhouse gases in the atmosphere, trapping heat and leading to a warming planet.

This crisis has far-reaching consequences. Melting ice caps contribute to rising sea levels, threatening coastal communities and island nations. Extreme weather events, such as hurricanes, droughts, and wildfires, have become more frequent and severe, displacing communities and disrupting food supplies. Biodiversity is at risk as habitats vanish and species face extinction due to changing climates. Moreover, vulnerable populations, often in developing countries, bear the brunt of these impacts, exacerbating existing social and economic inequalities.

Addressing climate change requires international cooperation, sustainable practices, and a shift towards renewable energy sources. Governments, businesses, and individuals play pivotal roles in mitigating its effects. Urgent action is needed to reduce emissions, adapt to the changes already underway, and invest in innovative solutions. Failing to address this crisis jeopardizes not just the environment, but also the well-being and future of generations to come, making it imperative for the world to unite in combating climate change.

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