New report says climate crisis costs $16 million in damages per hour

According to new research published in the science journal Nature Communications, the world’s economies are paying a hefty price in the battle against climate change.

A new study published by two scientists at the Victoria University of Wellington marks the first attempt to quantify the global economic toll directly attributed to human-induced climate change.

Its findings are nothing short of alarming, with the average annual cost from 2000 to 2019 amounting to a staggering $140 billion (£115 billion), with significant variations from year to year.

Going by these figures, the relentless onslaught of extreme weather fuelled by the climate crisis has cost an astounding $16 million (£13 million) every hour. The most recent data from 2022 reveals an even higher cost — $280 billion in climate-related expenses.

To calculate these numbers, the study considers that devastating floods, blistering heatwaves, and unrelenting droughts have not only left land, homes, and local infrastructure damaged or completely ruined — but have also claimed countless human lives.