A report about extreme weather events showed the nations most impacted by the changing climate.
What's happening?
The United States topped the list with the highest economic losses in the world, and Caribbean islands made up eight of the top 10 countries in per-capita estimated losses, Axios reported. The study was commissioned by the International Chamber of Commerce and produced by Oxera, an economics and finance consultancy.
The U.S. recorded $934.7 billion in economic losses from 2014 to 2023. China ranked second with $267.9 billion, and India was third at $112.2 billion. Japan ($90.8 billion) and Puerto Rico ($87.3 billion), which is a territory of the U.S., followed.
The authors of the study acknowledged that the countries most impacted all had "large populations, large economies, and well-established institutions that report on climate-related events."
Data from smaller, lower-income countries shows "the inequality of impact between developed and less-developed nations," they wrote, noting that underreporting from these nations was a possibility, too. Two countries that form one island — the French Saint-Martin ($158,886) and Dutch Sint Maarten ($75,497) — were first and third in per-capita losses.
The British Virgin Islands ($118,245), Dominica ($33,278), Puerto Rico ($27,248), and Guam ($24,862) in the Western Pacific rounded out the top six. The U.S. ($2,791), most beset by hurricanes, ranked 10th.
Other regions around the world have most frequently experienced losses from heat and drought events. Hurricanes Harvey, Maria, and Irma — all in 2017 — were three of the five worst natural disasters documented.
Why is this important?
The human-driven warming of the planet is increasing the frequency and intensity of heat waves, droughts, floods, wildfires, and more; hurricanes are becoming more severe. This is the result of burning dirty energy sources such as coal, gas, and oil, which release toxic, polluting gases into the atmosphere that trap heat.
Without the continued reduction of gas pollution in favor of clean, renewable energy such as solar, the global temperature is set to climb well above what it was in preindustrial times. Scientists have said warming of 1.5 degrees Celsius (2.7 degrees Fahrenheit) is the upper limit of what humans can handle; a more significant rise will only worsen the effects.
"We estimate that nearly 4,000 climate-related extreme weather events from 2014 to 2023 created economic costs of $2 trillion," the study concluded. "This figure reflects both the direct costs of physical asset destruction and human capital losses from premature deaths.
"However, it likely represents only a lower bound, as a result of underreporting and that it excludes numerous indirect and longer-term impacts such as effects on migration, social inequality, government finances, and shifts in investment priorities — all of which are critical in understanding the broader socioeconomic toll of climate events."
What's being done about extreme weather?
The best way to change the negative trajectory of what's happening to us and Earth is to adopt simple behaviors that don't involve producing pollution. You can grow your own food, eat plant-based meals, and rewild your yard or switch to a natural lawn.
You can also walk, bike, or use public transit instead of driving a car — even an electric vehicle isn't as good for the environment as these pollution-free and low-pollution methods of transportation.
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