Source: CNBC

Excerpt:

The warming planet is already proving expensive.

U.S. weather and climate disasters cost more than $617 billion between 2018 and 2022 — a record figure, according to the U.S. Department of the Treasury. The October report found that around 13% of Americans reported economic hardship over the prior year due to climate change.

More people are likely to experience financial pain as temperatures climb and extreme weather events become more common, experts say.

With each additional degree of warming, the U.S. is expected to take a bigger economic hit, the Fifth National Climate Assessment warns. For example, an increase in global temperatures by 2°F is anticipated to double the financial impact induced by 1°F of warming.

Climate change could cost Americans born in 2024 nearly $500,000, due to higher taxes and pricier housing and food, among many other factors, ICF, a consulting firm, recently found in a report commissioned by Consumer Reports.

“The basic building blocks of our financial lives — housing, insurance, social welfare programs, taxes — will become more expensive or less valuable due to climate change, with lots of consequences for people’s wallets,” said Andrew Rumbach, a senior fellow at the Urban Institute.

Read more: Climate change could cost Americans born in 2024 nearly $500,000 in their lifetime