Warming wrecks the economy

The U.S. is one of the world’s richest countries. A recent study found that the planet's wealthiest 1 billion people emit 60% of greenhouse gases. The poorest 3 billion produce only 5%.25 That’s why you may hear people say income inequality can cause climate change. What's the Economic Impact of Climate Change? Insurance From 1980 to 2019, extreme weather cost $1.775 trillion.26 Munich Re, one of the world's largest reinsurance firms, blamed climate change for $24 billion of losses in the California wildfires.27 It warned that insurance firms would have to raise premiums to cover rising costs from extreme weather. That could make insurance too expensive for most people. GDP Scientists estimated that, if temperatures only rose 2 degrees Celsius, the global gross domestic product would fall 15%. If temperatures rose to 3 degrees Celsius, the global GDP would fall 25%. If nothing is done, temperatures will rise by 4 degrees Celsius by 2100.28 29 Global GDP would decline by more than 30% from 2010 levels.30 That's comparable to the Great Depression, where GDP fell to -26.7%.31 The only difference is that it would be permanent. Employment The World Employment and Social Outlook 2018 estimated that climate change threatens 1.2 billion jobs.32 The industries most at risk are agriculture, fisheries, and forestry. Maine has already seen a decline in its lobster catches.33 Natural disasters caused or compounded by humans cost 23 million working-life years annually from 2000 to 2015.34 On the other hand, efforts to stop climate change would create 24 million new jobs by 2030.3536 Immigration Climate change creates mass migration around the world. People are leaving flooded coastlines, drought-stricken farmlands, and areas of extreme natural disasters. Since 2008, events related to climate or weather have displaced 22.5 million people annually, according to the United Nations High Commissioner for Refugees.3738 Some forecasts predict that by 2050, climate change could cause as many as 1 billion people to emigrate.3940 Immigration at the U.S. border can be expected to increase as climate change worsens conditions in Latin America. The World Bank estimates that as many as 3.9 million people in Mexico and Central America will migrate internally by 2050 due to climate impact, and that subsequent deterioration will further exacerbate the movements of these migrants.41 Drought, shifting rain patterns, and extreme weather destroys crops and leads to food insecurity. The World Food Program found that almost half of Central Americans left because there wasn't enough food.42 National Security In 2017, Congress proclaimed that “climate change is a direct threat to the national security of the United States.” Climate change endangers 128 military bases.43 A 2018 Pentagon survey revealed that U.S. Naval Academy in Annapolis, Maryland has experienced storm surge flooding and hurricane damage. The Cape Lisburne Long Range Radar Station in Alaska has lost a seawall from extreme weather.44 In response, Congress asked the Department of Defense to identify the 10 most vulnerable sites and recommend solution strategies.45 Food Prices As America experiences more extremely hot days, food prices are rising. Corn and soybean yields in the U.S. precipitously plummet when temperatures rise above 84 degrees Fahrenheit.46 Those crops feed cattle and other meat sources and create spikes in beef, milk, and poultry prices. Worker productivity declines sharply, particularly for outdoor jobs.47 That further increases the cost of food. A 2019 study found that a warming ocean has pushed global sustainable fish yields down 4% since 1930. That's 1.4 million metric tons. In the North Sea and Sea of Japan, that decline is 35%. That affects Atlantic cod, haddock, and herring.48 Many species are threatened with extinction. That affects the 3 billion people who rely on fish for their primary source of protein.49 It also affects the $150 billion fishing industry and the 59 million people employed.50 It especially affects the U.S., which imports more than 80% of its seafood