Climate change is already having significant impacts on household finances in the U.S., with insurers raising premiums due to increased losses from natural disasters and extreme weather events causing rising grocery prices . The ongoing heat waves and wildfires are also affecting the labor income of many workers.
The costs of rebuilding or relocating after disasters such as hurricanes, floods or wildfires, which increase in frequency and intensity, are also considerable. A recent study by consulting firm ICF suggests that an American born in 2024 can expect to pay about $500,000 in their lifetime as a result of the financial impacts of climate change.
Gernot Wagner, a climate economist at Columbia Business School, stated that climate change is already having a significant financial impact, and this will only increase in the future. Despite this, a 2024 report showed that only 55% of Americans believe global warming will hurt them economically, down from 63% in 2010.
Climate-related disasters are causing the US at least $150 billion a year in direct damages, according to the Fifth National Climate Assessment. The report also warned that the economic consequences will become increasingly adverse with each additional degree of warming.
The financial impacts of climate change are not only direct but also indirect. For example, smoke from forest fires not only negatively affects human health but also reduces the income of workers in various sectors. A 2022 study found that workers' lost earnings due to climate change totaled $125 billion annually between 2007 and 2019.
Wagner's research shows that extreme heat causes labor productivity to drop, leading to lower incomes. Workers lose about 2% of their weekly paychecks for every day over 90 degrees Fahrenheit. This can have significant consequences for people living in certain areas.
In conclusion, the financial impacts of climate change are already being felt in the US, and are expected to increase as global temperatures continue to rise.
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