Extreme weather can affect your home insurance premiums, food and utility costs.
As the planet is getting hotter, our bank accounts are taking a hit as air conditioning costs rise, food supply chains are interrupted and much more. Climate change could bring not only social and environmental catastrophes, but economic ones as well. The Sum tells you what you need to know.
TO SUM IT UP
Yes, climate change has a direct impact on your wallet.
The consequences of extreme weather vary across the country, but weather-related events — from extreme heat, wildfires, torrential rains and flood — are piling up.
Extreme weather can affect home insurance premiums, food and utility costs.
That organization, which is part of the United Nations and was created to examine the science of climate change, found that catastrophic wildfires, floods, droughts and storms are more regular. The economic impacts, not to mention the social and environmental ones, could be catastrophic.
WHAT’S HAPPENING
When the days and nights get hotter, our air conditioning bill shoots up.
Hotter temperatures and weather changes can disrupt food supply chains, which may happen more often.
Medical bills haven’t been directly linked to climate change, but, as an example, poor air conditions resulting from wildfires can lead to asthma.
As the planet is getting hotter, our bank accounts are taking a hit.
WHY IT MATTERS
The impact is worse for disadvantaged communities. One report found people with a lower-income or without a high school diploma are 25% more likely to deal with high projected losses of labor hours because of increases in high-temperature days.
Another report found global economic output would decline by $23 trillion over the next 80 years, compared to a world without temperature change
The Sum breaks down complex economic issues and how they impact your life in just a few minutes a day. Follow thesum.news on Instagram for the full story.
The Sum breaks down complex economic issues and how they impact your life in just a few minutes a day. Follow @thesum.news on Instagram for the full story.
