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Climate Crisis Costs $16m an Hour in Extreme Weather Damage, Study Estimates
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A study published by The Guardian reveals that the damage caused by the climate crisis through extreme weather events has cost an estimated $16 million (£13 million) per hour over the past two decades. The analysis, conducted by researchers Ilan Noy and Rebecca Newman, is the first to calculate a global figure for the increased costs directly attributable to human-caused global heating. The study found average costs of $140 billion (£115 billion) per year from 2000 to 2019, with a significant variation from year to year. Storms, floods, heatwaves, and droughts, intensified by global heating, were responsible for at least $2.8 trillion in damage during this period, with storms causing two-thirds of the climate costs. The researchers suggest their methods could aid in calculating funding needs for a loss and damage fund established at the UN’s climate summit in 2022 and provide faster delivery of funds for recovery from extreme weather disasters in poorer countries.
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