A new report from the International Chamber of Commerce says that climate-related extreme weather events cost the global economy $2 trillion over the past decade. Veuer’s Matt Hoffman has the story.
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00:00Climate change is costing lives, but it's also costing money.
00:03That's according to a report issued last week by the International Chamber of Commerce, a global business organization.
00:09The ICC says that climate-related extreme weather events cost the global economy about $2 trillion over the past decade.
00:16According to Axios, the report claims the United States was hit particularly hard, losing $935 billion.
00:23This is in line with a climate.gov report from the beginning of this year,
00:26which said that the U.S. lost at least $93 billion to weather and climate disasters in 2023.
00:32And the problem is getting worse.
00:34Axios relays that these costs rose 19% in the last two years compared to the previous eight.
00:40ICC Secretary General John W.H. Denton AO told CNN,
00:44Just as the global financial crisis was met with a swift and concerted response from world leaders,
00:49we need governments to understand that the economic impact of climate change necessitates a response of similar speed and decisiveness.
00:56The report was released at the outset of the COP 29 climate summit and in the aftermath of the re-election of Donald Trump,
01:03who has said he'll remove environmental regulations that could protect against climate change.