Climate change-fueled weather disasters such as hurricanes, droughts and wildfires are becoming more intense and more costly. For every 1°C of warming, future damage is projected to cost roughly 1.2 percent of Gross Domestic Product (GDP)—an amount that, in 2019 terms, would be roughly $257 billion annually. This scenario can be significantly mitigated by substantially reducing greenhouse gas emissions. Since it is only possible to slow the rate of future warming—but not reverse it, at least in the coming decades—it is crucial to adapt, build resilience, and in some cases, retreat from disaster-prone areas. Adaptation and resilience projects such as elevating buildings or rebuilding coastal wetlands are a worthwhile investment in limiting damage from future disasters. Protecting people from areas that repeatedly get flooded or burned may require relocating rather than continuing to rebuild.
Media Coverage:
The Hill, How Do We Prepare For a Just Future When Faced With a Threat Multiplier?
Banking Exchange, Act Now On Climate Change, Urges New Report
Insurance Journal, Last Year Was Among Earth’s 3 Hottest Years on Record, Climate Report Shows