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<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Jae C. Hong</span></p></div><p></p></div></div></p><ul><li><strong>Climate- and weather-related events have directly cost the US <a href="https://www.newyorkfed.org/newsevents/speeches/2019/sti191107?mod=article_inline">more than $500 billion</a> over the past five years, according to a Federal Reserve official. </strong></li><li><strong>In addition to causing damage to natural resource and infrastructure, global warming is expected to disrupt business operations and economic activity in the coming years. </strong></li><li><strong>In January, top economists from both sides of the aisle signed a <a href="https://www.econstatement.org/sign-the-statement">letter</a> that said climate change was "a serious problem calling for immediate national action."</strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit the Business Insider homepage for more stories</a>.</strong></li></ul><p>Climate and weather-related events have directly cost the US <a href="https://www.newyorkfed.org/newsevents/speeches/2019/sti191107?mod=article_inline">more than $500 billion</a> over the past five years, according to Kevin Stiroh, an executive vice president at the New York Fed who is responsible for bank regulation. </p><p>"Climate change has significant consequences for the US economy and financial sector through slowing productivity growth, asset revaluations and sectoral reallocations of business activity," Stiroh said at the GARP Global Risk Forum in New York on Thursday. </p><p>In addition to causing severe damage to natural resource and infrastructure damage, global warming is expected to disrupt business operations and economic activity in the coming years. Stiroh said climate-related changes raised the potential for losses related to policy changes, consumer sentiment, and how technological innovations affect the value of certain assets and liabilities.</p><p>"These effects will be felt across business sectors and asset classes, and on the strategies, operations and balance sheets of financial firms," Stiroh said. </p><p>Fed Chairman Jay Powell told Congress this year that while addressing climate change fell under the direction of other agencies, the central bank would <a href="https://www.schatz.senate.gov/imo/media/doc/Chair%20Powell%20to%20Sen.%20Schatz%204.18.19.pdf">"use its authorities and tools to prepare financial institutions for severe weather events</a>." Others in Washington have issued similar warnings. </p><p>In a <a href="https://nca2018.globalchange.gov/">more than 1,500-page report released in late 2018</a>, scientists from 13 federal agencies predicted that climate change would slash gross domestic product by a tenth by 2100 if steps weren't taken to reduce the carbon emissions that warm the planet.</p><p>The scientists said extreme weather would wreak havoc on growth through adverse effects on the healthcare system, infrastructure, supply chains, labor productivity, agriculture, tourism, power generation and electricity costs. </p><p>"With continued growth in emissions at historic rates, annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century-more than the current gross domestic product of many US states," the report said. </p><p>In January, top economists from both sides of the aisle signed a <a href="https://www.econstatement.org/sign-the-statement">letter</a> that said climate change was "a serious problem calling for immediate national action" and called for a national tax on carbon. </p><p>But President Donald Trump has steadily taken steps in the opposite direction. Over the past several years, the White House has taken steps to loosen environmental rules and shrugged off a series of landmark reports on climate change. </p><p><em><strong>Now read</strong>: <a href="https://markets.businessinsider.com/news/stocks/trump-reelection-economic-picture-darkens-in-states-critical-to-voters-2019-11-1028673356">The economic picture is darkening in states critical to Trump's reelection bid</a></em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/3rd-wave-tech-stocks-why-theyre-new-disruptors-mark-baribeau-2019-10">A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption</a></h3>        <div>                    </div>    </div>

Climate events have cost the US economy more than $500 billion over the last 5 years, Fed official says

<ul class="summary-list"><li>A new study from <keyword id="6358918" type="General" weightage="60" keywordseo="deloitte" source="Orion">Deloitte</keyword> lays out four phases for tackling <keyword id="6361617" type="General" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> and its economic risks.</li><li>The team sees <keyword id="6375923" type="General" weightage="60" keywordseo="climate" source="Orion">climate</keyword> risks costing the world <keyword id="34412" type="General" weightage="100" keywordseo="economy" source="Orion">economy</keyword> $178 trillion in <keyword id="35050" type="General" weightage="60" keywordseo="gdp" source="Orion">GDP</keyword> over the next 50 years.</li></ul>Letting climate change go unchecked could decimate the global economy by 2070. A new report by Deloitte lays out the four steps that governments, corporations, and citizens need to take if they're to avoid such catastrophe.<br /><br />The world has plenty of economic problems on its plate, what with inflation, Russia's invasion of Ukraine, and broken supply chains all threatening global growth. The looming climate crisis, however, is too costly to ignore, Deloitte economists Pradeep Philip, Claire Ibrahim, and Cedric Hodges said in a report published Monday morning.<br /><br />If the world stays on its current path, average temperatures will climb 3 degrees Celsius by the end of the century. That will cost the global economy about $178 trillion in just the next 50 years, according to the study. Human costs including food scarcity, job losses, and reduced standards of living will also mount, the team said.<br /><br />Conversely, pushing for net-zero emissions can set the stage for stronger economic growth in the coming decades. Such a pivot can grow the world economy by $43 trillion by 2070, according to the report.<br /><br />The deadline for achieving that windfall is fast approaching. Deloitte's rosier estimate hinges on the world decarbonizing its economy by 2050, a feat that would limit warming to about 1.5 degrees Celsius. But getting to net-zero emissions is no easy task, and Deloitte sees four phases as key to bringing about an environmentally sustainable future.<br /><br /><h2>Going 'bold' on climate change</h2>The first steps toward achieving net-zero will be more theoretical than concrete. The world needs to "set the stage" for decarbonization with policies and frameworks for a low-carbon future, the team said, adding that the first step will be focused on "bold climate plays."<br /><br />With emissions still on the rise, the clock is running out for world governments to plan for a decarbonized economy.<br /><br />"Given the costs associated with each tenth of a degree of temperature increase, every month of delay brings greater risk and forestalls the eventual economic gains," the economists said.<br /><br /><h2>Paying upfront for boosted growth</h2>Reaching net-zero emissions will take some serious investment. Economies will have to pay up for clean energy, sustainable supply chains, and replacements for emissions-intensive industries if they're to make the transition in time, according to the report.<br /><br />  <div type="image" title="Deloitte" height="645" width="572" msid="91746172" hostid="261"></div>The shift won't be without some "growing pains," the team added. Investing in a greener economy will dent GDP growth over the next two decades as companies shift their focus from profitability to sustainability. Deloitte estimates that the growth outlook will reach a turning point in the late 2040s, after which the investments are forecasted to yield massive returns, to say nothing of the benefits of avoiding climate disasters.<br /><br /><h2>Reaching the turning point</h2>The net-zero experiment will start to pay off in about 25 years, when investments in "structural economic adjustment" near completion, the team said.<br /><br />"Economies would realize the dividend of the transformation and experience net positive growth," they added.<br /><br />The turning point also represents the moment the world moves away from the risk of a $178 trillion projected loss and toward a $43 trillion gain. There will be significant costs in the first several years of the transition, but economists must regard climate change as a trend — not a temporary scenario — as they model the potential risks, according to Deloitte.<br /><br />"If the economic impacts of a changing climate are left out of economic baselines, the result is likely to be poor decision-making, ineffective risk management, and dangerously inadequate efforts to address the climate crisis," the team said.<br /><br /><h2>Maintaining a low-emissions future</h2>Staying the path can, ideally, create a decarbonized economy, but the work won't be all done then. Governments and companies will have to maintain "interconnected, low-carbon systems" to keep the green economy alive and growing, the team said. This world economy will expand "at an increasingly faster rate than its carbon-intensive alternative," they added.<br /><br />The benefits will differ from region to region. The Asia Pacific economy has the most exposure to climate-related damage, according to the report. The region could lose $96 trillion of economic growth by 2070 if decarbonization isn't achieved. Put another way, the area's GDP could be 9% smaller in 50 years than in a world with net-zero emissions.<br /><br />The Americas would follow with a combined $36 trillion loss by 2070, Deloitte said. The US alone would lose $4 trillion in potential growth, and the region's overall GDP would be 4% lower by 2070 compared to a decarbonized world.<br /><br />Europe faces the smallest projected loss, with the region expected to lose $10 trillion in GDP by 2070 compared to a decarbonized future. Still, economic growth would reach just 1% in the 2060s as climate problems slam into the European economy.<br /><br />The stakes are extremely high. Deloitte's modeling shows investments in decarbonization not just paying off, but paying dividends throughout the 21st century.<br /><br />

Deloitte lays out 4 steps to keep the climate crisis from tanking the global economy over the next 50 years

<strong><br /></strong><ul><li><strong><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> ranked fifth in the world in terms of absolute losses due to <keyword id="6361617" type="UNKNOWN" weightage="20" keywordseo="climate-change">climate change</keyword>.</strong></li><li><strong>India’s monetary losses stood at a fraction of costs seen by US and China.<br /></strong></li><li><strong>The human costs on climate change on India could be much worse.</strong></li></ul>India saw $79.5 billion in economic losses between 1998 and 2017 due to climate-change disasters, ranking fifth in the world in terms of absolute monetary losses. But the country faces a far greater risk in terms of human costs and impact on development, a major UN study has warned.<br /><br />According to the <a href="https://www.unisdr.org/2016/iddr/IDDR2018_Economic%20Losses.pdf">study</a> by the UN Office for Disaster Risk Reduction, as a lower-middle income country, economic losses mean “crippling consequences” for future development. An alarming number of people are now internally displaced every year by extreme weather events and climate-related disasters often losing their homes and their livelihoods, the report has pointed out. <br /><br />Economic disasters and poverty are closely tied. According to <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword>, the real cost to the global economy is in the tune of $520 billion per annum, with disasters putting 26 million people into poverty every year, the report noted. <br /><br />Floods were the most frequent types of disaster, making up 43% of all recorded events in the past 20 years. <br /><br />India has been seeing an increasing number of extreme weather events such as floods in recent years. According to a study by the <keyword id="6355166" type="COMPANY" weightage="20" keywordseo="India-meteorological-department">India Meteorological Department</keyword>, India saw 285 flooding events between 1950-2017 that killed 71,000 and drove 19 million into homelessness. The recent floods in the southern state of <keyword id="28504" type="LOCATION" weightage="20" keywordseo="Kerala">Kerala</keyword> <a href="https://www.livemint.com/Politics/pkRlIk0b6ycCVFNRTm2MkL/A-third-of-145-million-Kerala-relief-camp-inmates-return-ho.html">displaced</a> nearly 1.5 million people. <br /><br /><strong>A global problem<br /></strong><br />High income countries including the the US have fared much worse in terms of absolue economic losses partly due to high asset values and frequency of disaster events.<br /><br />India’s losses in monetary terms seem only a fraction of those seen by the US and China with the US posting the biggest losses ($945 billion), double of that seen by China at $492 billion. <br /><br />Globally, climate-related disasters contributed to $2.2 trillion in losses, more than two-thirds (77%) of all reported losses including other natural geophysical disasters.<br /><br />The study comes in the wake of another major report by the UN earlier this week which warned of <keyword id="6951828" type="UNKNOWN" weightage="20" keywordseo="Runaway-climate-change">runaway climate change</keyword> with disastrous consequences if global temperatures rise beyond 1.5°C. The current targets for cutting greenhouse emissions that contribute towards <keyword id="6366055" type="UNKNOWN" weightage="20" keywordseo="global-warming">global warming</keyword> set during the last climate accord falls significantly short and will have to be revised urgently, according to the UN.<br /><br />China, the European Union and the US account for more than half of total global greenhouse emissions as of 2013, <a href="https://www.wri.org/blog/2017/04/interactive-chart-explains-worlds-top-10-emitters-and-how-theyve-changed">according to data </a>from the World Resources Institute. India contributed to 6.67% of global emissions with energy from fossil fuels being the largest source.<br />

Why the staggering costs of climate change on India are much more than monetary losses

<ul><li><strong>Indian students will be a part of the protest against <keyword id="6366055" type="UNKNOWN" weightage="20" keywordseo="global-warming">global warming</keyword>. <br /></strong></li><li><strong>The online petition has over 17,000 signers from over 40 countries.<br /></strong></li><li><strong>The movement was started by <keyword id="8954" type="COMPANY" weightage="20" keywordseo="Nobel-Peace-Prize">Nobel Peace Prize</keyword> nominee <keyword id="7425525" type="UNKNOWN" weightage="20" keywordseo="Greta-Thunberg">Greta Thunberg</keyword> who staged a protest outside the Swedish parliament in August 2016.</strong></li></ul>An online petition started by a Facebook group called <keyword id="6361617" type="UNKNOWN" weightage="20" keywordseo="climate-change">Climate Change</keyword> for the future will see students from all across the world walking out on March 15, Friday, to protest against global warming. And Indian students too are a part of the change.<br /><br />According to a <a href="https://www.hindustantimes.com/delhi-news/delhi-kids-to-join-global-bunk-school-protest-against-climate-change/story-BzNBOGVuklM5xhyHvXc0fJ.html">report</a>, over 400 students from Delhi will be a part of the movement. Students will bunk schools to join their counterparts from over 40 countries and will go on strike to fight global warming. <br /><br />The report also says that a few schools in the National Capital have allowed students to be a part of the strike. <br /><br />The global movement is a part of Greta Thunberg’s strike which the 16-year-old Swedish student started in August, 2018. Now, a Nobel Peace prize nominee, Thunberg has inspired thousands of others to join her in the movement. Thunberg was also a part of the World Economic Forum where she spoke about the alarming rate of global warming <a href="https://www.indiatoday.in/education-today/gk-current-affairs/story/16-year-old-climate-warrior-greta-thunberg-nominated-for-nobel-peace-prize-1477954-2019-03-14">saying </a>she wants people to panic about climate change.<br /><br />The strikes have also caused a social media uproar with the hashtag #Fridaysforthefuture.<br /><br />The online petition which needed 15000 signups has already been signed by over 17,000 people from over 40 countries. <br /><br /><strong>See Also:</strong><br /><a href="https://www.businessinsider.in/chairman-of-mahindra-group-that-makes-electric-cars-upsells-indias-performance-on-paris-pact-on-climate-change-at-wef-2019-davos/articleshow/67656856.cms">At Davos: India's pioneer electric car maker is pushing for action against climate change</a><br /><a href="https://www.businessinsider.in/why-the-staggering-costs-of-climate-change-on-india-are-much-more-than-monetary-losses/articleshow/66161296.cms">Why the staggering costs of climate change on India are much more than monetary losses</a><br /><a href="https://www.businessinsider.in/an-island-in-india-is-disappearing-but-some-of-the-last-residents-say-they-cant-afford-to-move-away/articleshow/66956376.cms">An island in India is disappearing, but some of the last residents say they can't afford to move away</a><br />

Indian students join Nobel Peace Prize nominee Greta Thunberg to go on strike to fight global warming

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Noah Berger/AP</span></p><p class="caption">The climate change report mentioned air quality and health risks from wildfire pollution.</p></div><p></p></div></div></p><ul class="summary-list"><li>President Donald Trump responded on Monday to the bombshell climate assessment released by his administration on Friday, saying he doesn't believe the economic impact it's predicted to have on the US.</li><li>The report, which is the fourth National Climate Assessment to be released following a mandate from a law passed in 1990, was shared with the public on November 23 - the day after the Thanksgiving.</li><li>"No, no, I don't believe it," Trump said in response to a reporter. "And here's the other thing, you're going to have to have China and Japan and all of Asia and all these other countries - you know, it addresses our country," Trump said of the report.</li><li>"Annual losses in some economic sectors are projected to reach the hundreds of billions of dollars by the end of the century - more than the current gross domestic product (GDP) of many US states," according to the report.</li></ul><p>President Donald Trump responded on Monday to the bombshell <a href="https://nca2018.globalchange.gov/chapter/1/">climate assessment</a> released by his administration on Friday, saying he doesn't believe the economic impact it's predicted to have on the US.</p><p>"Mr. President, have you read the climate report yet?" a reporter asked Trump outside the White House.</p><p>"I've seen it, I've read some of it, and it's fine," Trump responded.</p><p>"They say the economic impact would be devastating," the reporter continued, referring to the projected economic loss of hundreds of billions of dollars caused by climate change.</p><p>"Yeah, I don't believe it," Trump replied.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/climate-report-us-economy-will-lose-hundreds-of-billions-2018-11">The Trump administration released a dire new report on climate change that predicts hundreds of billions of dollars in economic losses</a></em></p><h2>The predicted economic impact</h2><p>The report, which is the fourth National Climate Assessment to be released following a mandate from a law passed in 1990, was shared with the public on November 23 - the day after the Thanksgiving holiday.</p><p>Per the report, the temperature in the US has already risen 1.8 degrees Fahrenheit since 1990, and it's predicted to go up another 2.5 degrees by 2050, and if the emission of greenhouse gasses continues at its current rate, the temperature could rise by as much as 11 degrees Fahrenheit by 2100, the report said.</p><p>And the assessment predicts that climate change will have a big impact on the economy.</p><p>"Annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century - more than the current gross domestic product (GDP) of many US states," according to the report.</p><p>By 2090, deaths associated with climate change could cost $140 billion, and the <a href="https://nca2018.globalchange.gov/chapter/14/">report said that</a> "almost two billion labor hours are projected to be lost annually by 2090 from the impacts of temperature extremes, costing an estimated $160 billion in lost wages."</p><p>The report also lays out how climate change will impact food production, ecosystems, human health, infrastructure, migration, clean water - and it explains how we can respond through <a href="https://nca2018.globalchange.gov/chapter/28/">adaptation</a> and <a href="https://nca2018.globalchange.gov/chapter/29/">reducing carbon emissions</a>.</p><p>"Earth's climate is now changing faster than at any point in the history of modern civilization, primarily as a result of human activities," the report said. "The impacts of global climate change are already being felt in the United States and are projected to intensify in the future - but the severity of future impacts will depend largely on actions taken to reduce greenhouse gas emissions and to adapt to the changes that will occur."</p><h2>"That's very important to me."</h2><p>In his conversation with reporters, Trump deflected by talking about other nations.</p><p>"No, no, I don't believe it," he said in response to a reporter following up on his initial denial. "And here's the other thing, you're going to have to have China and Japan and all of Asia and all these other countries - you know, it addresses our country," Trump said, referring to the report.</p><p>"Right now, we're at the cleanest we've ever been, and that's very important to me," he said. "But if we're clean, but every other place on Earth is dirty, that's not so good. So, I want clean air, I want clean water, very important."</p><p>However, the <a href="https://nca2018.globalchange.gov/">report said</a> both clean air and clean water are at risk because of climate change.</p><p>"The quality and quantity of water available for use by people and ecosystems across the country are being affected by climate change, increasing risks and costs to agriculture, energy production, industry, recreation, and the environment," the report explains.</p><p>Clean air is also threatened by rising temperatures: "Changes in temperature and precipitation are increasing air quality and health risks from wildfire and ground-level ozone pollution."</p><h2>Trump on climate change</h2><p>Trump has wavered on the issue of climate change - at one point during the 2016 election he called it a "hoax."</p><p><a href="https://www.cbsnews.com/news/trump-says-climate-change-not-a-hoax-but-questions-if-its-manmade/">Earlier this year, however, he said</a>, "I don't think it's a hoax, I think there's probably a difference," but questioned whether it was caused by human activity. A <a href="https://climate.nasa.gov/scientific-consensus/">scientific consensus</a> (and this recent report) has concluded that the warming trend is human-caused.</p><p>In 2017, <a href="https://www.businessinsider.com/trump-paris-agreement-climate-change-2017-6">Trump pulled the US out of the Paris Climate agreement</a>, a deal negotiated in 2015 between 195 countries that seeks to take measures to stop the world's temperature from rising 2 degrees Celsius.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-meteor-shower-perseids-orionids-leonids-2018-8">A spectacular meteor shower is coming this weekend - here's what you're actually seeing</a></h3>        <div>                    </div>    </div>

Trump says he doesn't believe his own administration's report on the economic impact of climate change

<p><div class="image-container display-table float_right"><div><div class="image"><p class="source">REUTERS/Stringer</p><p class="caption">A view of flooded streets after rainstorms triggered by Typhoon Haiyan hit Sanya, Hainan province November 11, 2013. Rainstorms from the typhoon hit the south China region on Sunday and Monday, killing at least four, with seven people still missing, according to Xinhua News Agency. Haiyan, one of the most powerful storms ever recorded, killed an estimated 10,000 people in central Philippines, according to officials. Picture taken November 11, 2013. </p></div></div></div>WARSAW (Reuters) - Global economic losses caused by extreme weather events have risen to nearly $200 billion a year over the last decade and look set to increase further as climate change worsens, a report by the World Bank showed on Monday.</p>
<p>A United Nations' panel of scientists has warned that floods, droughts and storms are likely to become more severe over the next century as greenhouse gas emissions warm the world's climate.</p>
<p>"Economic losses are rising - from $50 billion each year in the 1980s to just under $200 billion each year in the last decade and about three quarters of those losses are a result of extreme weather," said Rachel Kyte, World Bank Vice President for Sustainable Development.</p>
<p>"While you cannot connect any single weather event to climate change, scientists have warned that extreme weather events will increase in intensity if climate change is left unchecked."</p>
<p>Reinsurance company Munich Re has estimated total reported losses from disasters were $3.8 trillion from 1980 to 2012, attributing 74 percent of those to extreme weather.</p>
<p>More than 3,900 people have been killed in Typhoon Haiyan which hit the Philippines, one of the most powerful storms ever recorded.</p>
<p>The typhoon threw a spotlight on the impact of climate change and coincided with the start of November 11-22 talks in Warsaw, Poland, where governments are trying to draw up a plans to slow its effects.</p>
<h3>EMERGING ECONOMIES AT RISK</h3>
<p>Many nations have said the typhoon matched trends towards extreme weather and was an example to spur action in Warsaw, which is meant to lay down the outlines of a global deal in 2015 that will enter into force from 2020.</p>
<p>But the U.N. panel of climate scientists says it has only "low confidence" that human emissions have already contributed to the intensity of cyclones, which include typhoons and hurricanes, since 1950.</p>
<p>As part of the talks, governments are discussing a mechanism to help poorer countries cope with losses and damage from climate change.</p>
<p>Although weather-related disasters can affect all countries, the most severe economic and human losses are expected in rapidly growing countries, such as those in Asia, which are building their economies in areas vulnerable to floods, droughts and extreme temperatures, the World Bank said.</p>
<p>The average impact of disasters on such countries equaled 1 percent of gross domestic product (GDP) from 2001 to 2006 - ten times higher than the average for high-income countries, the World Bank said.</p>
<p>But climate impacts will especially cripple poorer countries. Hurricane Tomas in 2010, for example, devastated St Lucia and caused losses of 43 percent of GDP.</p>
<p>To help avoid unmanageable future costs, governments should focus on making their countries more resilient to disasters, even though that might require up-front investment, it added.</p>
<p>(Editing by Louise Heavens)</p>

World Bank: Losses From Extreme Weather Now At $200 Billion Per Year

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZNCBDK4X&amp;SMLS=1&amp;RW=1366&amp;RH=638#/SearchResult&amp;VBID=2C0BXZNCBDK4X&amp;SMLS=1&amp;RW=1366&amp;RH=638&amp;POPUPPN=46&amp;POPUPIID=2C0BF1SSYRL9C">REUTERS/Richard Carson</a></span></p><p class="caption">Interstate highway 45 is submerged from the effects of Hurricane Harvey in Houston, Texas on August 27, 2017.</p></div><p></p></div></div></p><ul class="summary-list"><li>A new book by David Wallace-Wells, a national fellow at the New America foundation and a deputy editor at New York magazine, explores how the modern world could be transformed by severe <a href="https://www.businessinsider.com/category/climate-change">climate change</a>: not just sea levels and wildfires, but climate conflict, crop failure and new global-warming geopolitics.</li><li>In the following adapted excerpt, Wallace-Wells suggests that the economic effects may be especially traumatic. Although some people see capitalism as the primary threat to the climate, capitalism may also be endangered by climate change.</li><li>The book, called "<a href="https://www.amazon.com/Uninhabitable-Earth-Life-After-Warming/dp/0525576703" target="_blank" rel="noopener">The Uninhabitable Earth</a>," was published Tuesday.</li></ul><p>It has been a long, destabilizing decade since the financial crash of 2008. But just how destabilizing it was to the post-Cold War order of free markets and liberal internationalism has become especially clear in the last few years, as self-doubt started beaming out from the highest citadels of contemporary capitalism.</p><p>In 2016, the IMF published a <a href="https://www.imf.org/external/pubs/ft/fandd/2016/06/ostry.htm" target="_blank" rel="noopener">self-scrutinizing paper</a> called "Neoliberalism: Oversold?". The same year, Paul Romer, the chief economist of the World Bank, <a href="https://paulromer.net/wp-content/uploads/2016/09/WP-Trouble.pdf" target="_blank" rel="noopener">proposed</a> that macroeconomics - the "<keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">science</keyword>" of capitalism - was perhaps a fantasy field of study equivalent to string theory, which no longer had any legitimate claim to describing the workings of the real economy.</p><p>Romer won the Nobel Prize last year, and a couple months later, Oliver Blanchard, Romer's counterpart as the former chief economist of the IMF, <a href="https://twitter.com/ojblanchard1/status/1070776221741580288?lang=en" target="_blank" rel="noopener">asked</a>, baldly, "What comes after capitalism?"</p><p>The question sounds enigmatic, but the answer may be simple: climate change.</p><p>Some on the left tend to think of untrammeled capitalism as the primary threat to the climate. The inverse is true as well: Capitalism is endangered by climate.</p><p>The most eye-opening research on the economics of warming has come from Solomon Hsiang, Marshall Burke, and Edward Miguel - professors of economics at Stanford and Berkeley. They offer a <a href="http://science.sciencemag.org/content/356/6345/1362" target="_blank" rel="noopener">bleak analysis</a>: In a country that's already warm, every degree Celsius of warming reduces growth, on average, by about one percentage point. That's an enormous number, considering we count growth in the low single digits as strong.</p><p>Compared to the trajectory of economic growth with no climate change, their <a href="https://www.nature.com/articles/nature15725" target="_blank" rel="noopener">average projection</a> is for a 23% loss in per capita earning globally by the end of this century.</p><p>Beyond shaving off the meaningful margins of our economic growth, there's a more alarming possibility that, at least in parts of the globe, climate change will wipe out the very possibility of growth - and perhaps even cut into existing productivity. There is a 51% chance that climate change will reduce global output by more than 20% by 2100, <a href="http://web.stanford.edu/~mburke/climate/map.php" target="_blank" rel="noopener">this research suggests</a>, compared to a world without warming. And there's a 12% chance that it lowers per capita GDP by 50% or more by then unless emissions decline. By comparison, estimates suggest the Great Depression dropped global GDP by about 15%, and the more recent Great Recession lowered it by about 2%.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/library_of_congress/2178387189/in/album-72157603671370361/">Library of Congress</a></span></p><p class="caption">Houses sit in front of factories in this shot taken during the Great Depression, between 1941 and 1942.</p></div><p></p></div></div></p><p>Hsiang and his colleagues estimate a one-in-eight chance of an ongoing and irreversible effect on the economy by 2100 that is 25 times worse than the 2008 crash. Last year, <a href="https://academic.oup.com/reep/article/12/2/371/5025082" target="_blank" rel="noopener">another team of economists suggested</a> that these could be dramatic underestimates.</p><p>The breakdown by country is perhaps even more alarming. Some northern countries stand to benefit from warmer temperatures: Canada, Russia, Scandinavia, Greenland. But in the mid-latitudes, the countries - the US and China - that produce the bulk of the world's economic activity would lose nearly half of their potential output. Closer to the equator, it's worse; the <a href="https://www.nytimes.com/interactive/2018/06/28/climate/india-pakistan-warming-hotspots.html" target="_blank" rel="noopener">World Bank estimated last year</a> that 800 million people living throughout South Asia could be dragged into extreme poverty by climate change just over the next decade. India alone, <a href="https://www.nature.com/articles/s41558-018-0282-y?utm_source=Nature_community&amp;utm_medium=Social_media_advertisingCommunity_sites&amp;utm_content=BenJoh-Nature-MultiJournal-Social_Sciences-Global&amp;utm_campaign=MultipleJournals_USG_SOCIAL" target="_blank" rel="noopener">one study suggested</a>, would shoulder more than a quarter of the economic suffering inflicted on the entire world by climate change by 2100.</p><p>We have gotten used to setbacks on our erratic march along the arc of economic history, but we know them as temporary and expect elastic recoveries. What climate change has in store is not a Great Recession or a Great Depression but, in economic terms, a Great Dying.</p><p>How could that come to be? There are many factors. There is the threat to agriculture if low yields put small farms, cooperatives, and even empires of agribusinesses underwater (to use the oddly apposite accountant's metaphor). And then there is the real flooding that 2.5 million American homes and businesses - representing more than $1 trillion in present-day value - will suffer chronically by 2100, <a href="https://www.ucsusa.org/global-warming/global-warming-impacts/sea-level-rise-chronic-floods-and-us-coastal-real-estate-implications#.XGcVSM9Kh3k" target="_blank" rel="noopener">according to a 2018 study by the Union of Concerned Scientists</a>. In Miami Beach, 14% of real estate could be flooded by 2045. By that same year, the <a href="https://www.ucsusa.org/press/2018/new-study-finds-251000-new-jersey-homes-worth-107-billion-will-be-risk-tidal-flooding#.XG3mdJNKhTZ" target="_blank" rel="noopener">real-estate impact in New Jersey alone</a> will be $27 billion.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Zachary Fagenson/Reuters</span></p><p class="caption"> Flooding at Alton Road and 10th Street in Miami Beach, Florida on November 5, 2013. </p></div><p></p></div></div></p><p>Heat also poses a direct cost to growth. Some of these effects we can see already - for instance, the warping of train tracks or the grounding of flights due to high temperatures. From Montreal to Finland, heat waves have also <a href="https://www.montelnews.com/en/story/from-finland-to-switzerland--firms-cut-output-amid-heatwave/921390" target="_blank" rel="noopener">necessitated the closure of power plants</a> when cooling liquids have become too hot to do their job. And in India, <a href="https://www.npr.org/sections/thetwo-way/2012/07/31/157637246/massive-failure-600-million-in-india-lose-power-grid-collapses-for-second-day" target="_blank" rel="noopener">670 million lost power in 2012</a> when the country's grid was overwhelmed by farmers irrigating their fields without the help of the monsoon season, which never arrived.</p><p>Other, less obvious effects are also visible - for instance, productivity. The negative cognitive effects of direct heat are accumulating more research support by the day. Globally, warmer temperatures dampen worker productivity. The effects begin early in life - you can see <a href="https://www.pnas.org/content/114/51/13447" target="_blank" rel="noopener">measurable declines in a person's lifetime earnings</a> for every day temperatures passed 90 degrees during the nine months before they were born. Heat hurts test-taking performance, <a href="https://eos.org/articles/heavy-air-pollution-may-lower-cognitive-test-scores" target="_blank" rel="noopener">as does pollution associated with global warming</a>.</p><p>Hsiang, Burke and Miguel <a href="https://www.nature.com/articles/nature15725" target="_blank" rel="noopener">have identified</a> an optimal annual average temperature for economic productivity: 13 degrees Celsius, which happens to be the historical median for the United States and several other of the world's biggest economies. Today, the US climate hovers around 13.4 degrees, which translates to about half a percentage point of GDP loss - though, like compound interest, the effects grow over time. As the planet warms, the country could see another full degree Celsius added to its average temperature, and therefore lose a full percentage point of GDP. Of course, as the country has warmed, some regions have seen their temperatures rise closer to the ideal. The greater San Francisco Bay area, for instance, is sitting pretty right now, at exactly 13 degrees.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Katie Canales/Business Insider</span></p><p class="caption">The Salesforce Tower is seen peeking above other high-rise buildings in San Francisco.</p></div><p></p></div></div></p><p>Over the last several decades, the mainstream assumption about responses to climate change has been that actions are only tolerable if they're cost-free or serve as avenues of economic opportunity. But as the cost of green energy has fallen in recent years, the equation has flipped: We now know that it will be much more expensive to not act on climate than to take even the most aggressive action today.</p><p>In 2018, <a href="https://www.reuters.com/article/us-climatechange-economy/greener-growth-could-add-26-trillion-to-world-economy-by-2030-study-idUSKCN1LL09J" target="_blank" rel="noopener">one paper calculated</a> the global cost of a rapid energy transition by 2030 to be negative $26 trillion; in other words, rebuilding the energy infrastructure of the world would make us that much money, compared to a static system. On the emissions course we are currently on, the cost of climate impacts could top $550 trillion by the end of the century - nearly double all the wealth that exists in the world today.</p><p>Hsiang, Burke, and Miguel's estimate that there's a 12% chance the global economy could fall by 50% comes from the very high end of what's possible - a worst-case scenario for economic growth due to climate change. But last year, Burke <a href="https://www.nature.com/articles/s41586-018-0071-9" target="_blank" rel="noopener">published a paper</a> with several colleagues exploring the growth consequences of some scenarios closer to our present predicament. In it, he considered a future in which the world limits warming to between 2.5 and 3 degrees Celsius of temperature rise. Relative to a world with no additional warming, Burke and his colleagues estimated, global per-capita economic output in that situation would get cut between 15% and 25% by the end of the century. Four degrees of warming, which is where we could be headed, would lead to a cut  of 30% or more.</p><p>That is a trough twice as deep as the deprivations that scarred our grandparents in the 1930s. But you can only really call it a trough after you climb out of it and look back from a new peak. There may not be such relief from climate deprivation.</p><p>Can capitalism survive this? The question is a prism, spitting out different answers to different ranges of the political spectrum. To those on one end, global warming could cultivate emergent forms of eco-socialism, while to those on another, it could conceivably produce a collapse of faith in anything but the market.</p><p>Trade will surely endure, perhaps even thrive, as it did before capitalism. Rent-seeking, too, will continue. Depending on your ideological inclinations, you could even imagine a shift in the existing order that puts carbon budgets at the center of trade agreements, punishes poorly behaving petro-states with sanctions, and offers some reparations-like aid for the countries hit hardest by climate change - all without actually overturning the whole apple cart. But even relatively fractional adjustments to the west's basic orientation towards business and capitalism are likely to arrive like earthquakes.  </p><p>"Someone once said that it is easier to imagine the end of the world than to imagine the end of capitalism," the literary critic Fredric Jameson has written. That someone might say today, "Why choose?"</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Andrew Burton/Reuters</span></p><p class="caption">Students protest debt in front of the New York Stock Exchange.</p></div><p></p></div></div></p><p>The intimidating size and power of markets has long been a problem for those hoping to change things - it's a familiar idea to anyone who has ever listened to undergraduates debate about capitalism. But going forward, climate change will likely accelerate two trends already undermining the promise of growth: First, it will produce a global economic stagnation that will play, in some areas, like a breathtaking and permanent recession; and second, it will make even more evident the world's increasingly stark income inequality by punishing the poor much more dramatically than the rich.</p><p>In an economic future doubly mangled by those forces, the world's very wealthy will likely have much more to answer for.</p><p>The predictions of economic hardship, remember, are enormous: 20% of potential global GDP or more lost, under business-as-usual conditions by 2100 - an impact much bigger than the Great Depression. And it would not be temporary.</p><p>It is hard to imagine any system surviving that kind of decline perfectly intact, no matter how "big."</p>

A future of erratic weather, higher seas, and extreme heat could lead to an economic 'Great Dying' twice as severe as the Great Depression

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters; Reuters</span></p><p class="caption">Paul Romer (L) and William Nordhaus (R).</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Economists Paul Romer and William Nordhaus have both been awarded 2018's Nobel Prize in Economics.</strong></li><li><strong>Both men were given the prize for their roles in changes to long term economic forecasting.</strong><span></span></li><li><strong>Romer was awarded for his work on the integration of technology into forecasting, while Nordhaus received the prize for looking at climate change in economic modelling.</strong></li></ul><p>Economists Paul Romer and William Nordhaus have both been awarded 2018's <a href="https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2017/press.html">Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel,</a><span> often considered to be the most prestigious prize in the field of economics.</span></p><p><span>Both men were given the prize for their roles in changes to long term economic forecasting.</span></p><p><span>Romer, a former chief economist of the World Bank, received the prize "for integrating technological innovations into long-run macroeconomic analysis." </span></p><p><span>Nordhaus, often considered the father of climate change economics, won "for integrating climate change into long-run macroeconomic analysis."</span></p><p>Although the prize cannot technically be considered a Nobel Prize as it was not <span>established in the will of Alfred Nobel</span>, it is regarded to be equivalent to those prizes (Chemistry, Literature, Peace, Physics and Medicine), and is effectively a Nobel Prize for Economics.</p><p>The prize is given to an economist who has made a substantial contribution toward the subject, with an award of more than $1 million.</p><p><span>The prize has previously gone to such major names as Milton Friedman, Paul Krugman, and Friedrich von Hayek. Political scientists whose work has influenced economics as a discipline have also been honoured in the past.</span></p><p><span><a href="http://uk.businessinsider.com/richard-thaler-nobel-prize-in-economics-winner-2017-10">Last year it was won by behavioural economist Richard Thaler,</a> who won for his work on nudge theory, the idea that small "nudges" can influence our economic and social behaviour, and his work around humans being irrational economic actors.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-smart-contracts-can-work-2018-10">How smart contracts will work</a></h3>        <div>                    </div>    </div>

Paul Romer and William Nordhaus win the 2018 Nobel Prize in economics

<ul class="summary-list"><li><keyword id="6361617" type="UNKNOWN" weightage="60" keywordseo="climate-change">Climate change</keyword> is already costing financial systems and economies, <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword> Governor <keyword id="578899" type="PERSON" weightage="60" keywordseo="Lael-Brainard">Lael Brainard</keyword> said.</li><li>An inability to usher in a greener <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> will exacerbate damage from climate catastrophes, she added.</li><li>The Fed has recently taken major steps to cut down on climate risk in the financial system.</li></ul><p>Climate change is affecting financial institutions and economies around the world, and transitioning to a <keyword id="462030" type="PERSON" weightage="60" keywordseo="green-economy">green economy</keyword> is necessary to avoid major damage, <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> Governor Lael Brainard said Thursday.</p><p>The Fed has <a href="https://markets.businessinsider.com/news/stocks/fed-warnings-comments-on-climate-change-could-damage-the-economy-2020-1-1028797304">increasingly emphasized</a> the need to adapt the US economy and the financial system to handle climate-related risks. Brainard doubled down on such calls on Thursday, noting institutions that don't take necessary precautions could face "outsized losses on climate-sensitive assets."</p><p>"Climate change is already imposing substantial economic costs and is projected to have a profound effect on the economy at home and abroad," she said in <a href="https://www.federalreserve.gov/newsevents/speech/brainard20210218a.htm">prepared remarks</a>. "Future financial and economic impacts will depend on the frequency and severity of climate-related events and on the nature and the speed at which countries around the world transition to a greener economy."</p><p>Failing to accelerate a transition to a more environmentally friendly economy leaves the financial system vulnerable to both physical risks and transition risks. The former involves extreme weather events that, according to a study cited by the governor, are estimated to have driven $5.2 trillion in global losses over the past four decades. That sum stands to climb even higher if climate change worsens and extreme weather grows even more severe, Brainard said.</p><p>So-called transition risks involve changes to policy, consumer behavior, and technology that affect carbon emissions. Traditional financial risks like liquidity, credit, and reputational issues could emerge if firms continue operations that have a negative impact on the environment, the Fed governor said. </p><p>Brainard's comments come as the Fed takes on more responsibility in addressing climate change. The Fed <a href="https://www.businessinsider.com/us-fed-joins-global-peers-in-fight-against-climate-change-2020-12">joined a global coalition of central banks</a> working to reduce climate-change risk in December after a year-long stint collaborating with the group.</p><p>More recently, the <keyword id="6358156" type="ORGANIZATION" weightage="60" keywordseo="central-bank">central bank</keyword> established a Supervision Climate Committee to pinpoint and address financial risks linked to climate change. The committee aims to develop a program to "ensure the resilience of supervised firms" to such issues, Brainard said.</p><p>"These are not easy problems, and they will not have easy solutions," she said. "Together, we can help ensure the financial system is resilient to the risks that arise from climate change and well-positioned to support the transition to a greener economy."</p>

You Searched For "Economic Losses climate change 2018" and got 9 results

Climate events have cost the US economy more than $500 billion over the last 5 years, Fed official says

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Deloitte lays out 4 steps to keep the climate crisis from tanking the global economy over the next 50 years

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Why the staggering costs of climate change on India are much more than monetary losses

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Indian students join Nobel Peace Prize nominee Greta Thunberg to go on strike to fight global warming

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Trump says he doesn't believe his own administration's report on the economic impact of climate change

Sarah Gray,Sarah Gray

World Bank: Losses From Extreme Weather Now At $200 Billion Per Year

Michael Kelley

A future of erratic weather, higher seas, and extreme heat could lead to an economic 'Great Dying' twice as severe as the Great Depression

David Wallace-Wells

Paul Romer and William Nordhaus win the 2018 Nobel Prize in economics

Will Martin

Climate change is already costing the global economy - and damage will only worsen without green initiatives, Fed's Brainard says

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