World Economy

Climate Change Cost Global Economy $129b in 2016

Climate Change Cost Global Economy $129b in 2016
Climate Change Cost Global Economy $129b in 2016

Floods, hurricanes, heat waves and pollution while not only devastating to the environment has led to enormous spends by the global economy. Climate change cost the world a total of $129.4 billion in 2016, data journalist, Niall McCarthy said in a Statista report dated November 3.

“Ten years, ago there were 606 extreme weather losses with a bill of $69 billion. Last year, there were 797 weather-related disasters worldwide, resulting in $129 billion of economic losses,” the report added, news outlets reported.

The number of events recorded in the year gone by relating to extreme weather events totaled 797 in 2016. Though prevalent, extreme weather events cost the world economy $65 billion in 1990s. This figure has now more than doubled.

More and more of the predicted impacts of global warming are now becoming a reality.

For instance, the 2014 assessment forecast that coastal cities would see more flooding in the coming years as sea levels rose. That’s no longer theoretical: Scientists have now documented a record number of “nuisance flooding” events during high tides. In 2014, nearly half of residents in Hampton Roads, Va., could not get out of their neighborhoods at least once because of tidal flooding.

Meanwhile, as the oceans have warmed, disruptions in United States fisheries, long predicted, are now underway. In 2012, record ocean temperatures caused lobster catches in Maine to peak a month earlier than usual—and the distribution chain was unprepared.

 Dominant Cause

The rapid pace of global climate change is almost certainly driven by human activity, like burning fossil fuels, according to a US government report that contradicts assertions by President Donald Trump and members of his administration, Reuters reported.

“For the warming over the last century, there is no convincing alternative explanation supported by the extent of the observational evidence,” said the report by a group of more than 50 US government scientists released on Friday.

The report, which is required by congress every four years, was written by scientists from government bodies such as the Environmental Protection Agency and the National Oceanic and Atmospheric Administration.

Trump has repeatedly called climate change a hoax, and in June announced that he would withdraw the United States from a global pact to combat it—calling the deal’s demands for emissions cuts too costly for the US economy.

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