The House of Representatives Joint Economic Committee (JEC) recently released a report detailing the dire financial circumstances for families, communities and businesses amid climate change inaction.
“Failure to address climate change is already causing widespread harm, and the mounting costs—which are disproportionately borne by marginalized communities who are least able to bear them—threaten our economic well-being and exacerbate pervasive inequalities,” JEC Chair Rep. Don Beyer (D-VA) said. “As extreme weather becomes increasingly common and pushes the limits of our existing infrastructure, failure to address the underlying causes will be disastrous for our economy and our society.”
Per the analysis, last year, extreme weather events and climate disasters cost the nation more than $100 billion – with officials citing estimates determining in the future climate change will reduce productivity, constrict economic growth, and limit economic potential.
According to the report, economists estimate 2 degrees of warming would decrease gross domestic product by 0.5 percent per year, and 4 degrees would reduce the figure by 2.0 percent yearly.
“Fortunately, technology has made investments to mitigate the effects of climate change and build climate resilience more cost-effective than ever,” Beyer said. “This is paving the way for bold and fiscally responsible action to create jobs, reduce household costs, improve health outcomes and ensure a healthy planet for current and future generations.”