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Global Losses of $2 Trillion Due to Climate Change

Extreme weather events from 2014 to 2023 have caused approximately $2 trillion in global losses, a figure comparable to the 2008 financial crisis.

Last month, two major hurricanes, Helene and Milton, struck the southeastern United States. According to CoreLogic, these hurricanes caused property damage estimated between $51.5 billion and $81.5 billion. While significant, this amount is only a small fraction of the total losses attributed to climate change over the past decade.

A report released by the International Chamber of Commerce (ICC) on November 10, ahead of the UN Climate Change Conference (COP29) in Azerbaijan, revealed that extreme weather events linked to climate change have caused $2 trillion in damages globally during 2014–2023. This figure is on par with the economic toll of the 2008 global financial crisis.

The ICC, the world’s largest business organization promoting trade and investment, emphasized in its report the need for governments and businesses to accelerate policies to reduce greenhouse gas emissions, which would directly contribute to combating climate change.

“When the financial crisis hit, global leaders reacted swiftly and in unison. We want governments to understand that the economic impacts of climate change require a similar level of urgency,” said ICC Secretary General John W.H. Denton AO in an interview with CNN.

The ICC report analyzed nearly 4,000 extreme weather events across six continents over the past decade. The study accounted for both direct losses, such as destruction of homes, businesses, and infrastructure, and indirect impacts, including reduced human productivity. Approximately 1.6 billion people have been affected by these events.

The economic toll has grown over time. In just 2022 and 2023, climate-related losses reached $451 billion. Additionally, the number of natural disasters from 2000 to 2019 increased by 83% compared to the period from 1980 to 1999.

“Recent data shows that climate change is not a future problem—we are already witnessing the devastating consequences of extreme weather,” Denton noted. Forecasts for 2024 suggest another year of significant losses, with projections indicating it could be the hottest year in recorded history.

The ICC’s report was published just days after Donald Trump was elected President of the United States. During his campaign, Trump pledged to roll back U.S. efforts to combat climate change, including removing regulations on power plant emissions. In his first term, Trump also withdrew the U.S. from the Paris Agreement, arguing that it imposed economic burdens on Americans.

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