June 29, 2022
It’s hard to wrap your head around the toll that climate change is taking on the economy. Last year, floods, wildfires, and other weather-related disasters cost the United States an eye-popping $400 million per day on average. Home insurance rates are skyrocketing as a result, and projections show that rising seas, drought, and heat could knock as much as 9 percent off the U.S. economy within 30 years.
As these realities sink in, a new story about climate change is beginning to crystallize: It’s a growing economic threat that’s already rattling our financial system.