Climate Change-Induced Disasters Cost Nations At Least $100 Billion In 2018, Says Watchdog

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California wildfires cost the US billions of dollars with the global cost of climate-linked disasters topping $100bn. Picture: AP Photo

From floods to extreme heat, 10 of the worst climate-linked disasters in 2018 caused at least $A120.8 billion worth of damage, says a study released by the charity Christian Aid.

Extreme weather driven by climate change hit every populated continent this year, the British relief organisation says, warning urgent action is needed to combat global warming.
“This report shows that for many people, climate change is having devastating impacts on their lives and livelihoods right now,” said Kat Kramer, who heads Christian Aid’s work on climate issues, in a statement on Thursday.

Damage caused by Hurricane Michael in Mexico Beach, Florida on October 12, 2018. Picture: AFP

Her team compiled a list of 10 climate-linked disasters and used open source data, official estimates and assessments from insurance firms to determine the cost of each.
Topping the list were hurricanes Florence and Michael, which caused an estimated $A24 billion and $A21 billion worth of damage, respectively.
Michael was the strongest storm to hit the continental United States since 1969, and killed 45 people in the US and at least 13 in Honduras, Nicaragua and El Salvador.

Hurricane Florence slams North Carolina doing billions of dollars damage. Picture: AP

This month saw nations agree to a common rule book to implement the 2015 Paris climate accord, in which countries committed to limiting global temperature rises to well below two degrees Celsius.
But major polluters including the United States and Saudi Arabia disputed a landmark scientific report released in October that suggested nations must slash fossil fuel use by nearly half in a little over a decade in order to achieve the Paris goals.

The Trump administration announced a proposal to weaken fuel-efficiency requirements for the nation's cars and trucks. Picture: Getty Images/AFP

“The only answer is for immediate global efforts to reverse the rise in emissions, to put the world on course for carbon neutrality by the middle of the century,” Ms Kramer told AFP.
The pledges finalised at the COP24 talks in Poland this month set Earth on a path towards 3C warming — enough to displace hundreds of millions and tug at the fabric of society.

Recent floods in Nigeria displaced more than 200,000 people according to the Red Cross. Picture: AFP

A woman scavenges in a slum of Nairobi, Kenya. Overconsumption is leading to climate change and climate-related disasters which cost the planet $100bn in 2018. Picture: AP Photo

Ms Kramer said governments were still beholden to domestic audiences who rely on dirty energy to heat their homes and power their cars.
“Since much of the public’s day-to-day life is based around using fossil fuels, governments are often unwilling to make the changes that would be needed to cut emissions.”

Climate-linked disasters such as the California fires are expected to cause growing losses to American infrastructure and property and impede the rate of economic growth. Picture: AFP

2018 saw at least one major climate-induced disaster on every inhabited continent on Earth.
Christian Aid found that four events — including the California wildfires, drought in southern Europe and widespread flooding in Japan — cost at least $A10 billion each.

Drought in Southern Europe caused rare and historic fires near Athens, which killed 20 people. Picture: AFP

Japan was badly hit by severe floods over the summer, followed by the powerful Typhoon Jebi in the (northern) autumn, which together caused more than $A12 billion in damages, said the report.
Experts say a warming world will lead to sweltering heatwaves, more extreme rainfall, shrinking harvests and worsening water shortages, causing both monetary losses and human misery.

A powerful typhoon battered Japan causing billions of dollars in damage. Picture: AFP

The aftermath of Typhoon Mangkhut in Hong Kong, which also caused damage in the Philippines and China. Picture: Lam Yik Fei/Getty Images

Almost 200 nations are aiming to limit the rise in average world temperatures under the landmark 2015 Paris Agreement, though some warn progress to meet targets has been slow.
The 20 warmest years on record have been within the past 22 years, the United Nations said last month, with 2018 on track to be the fourth hottest.

Links

• Weather-related catastrophes take toll on insurers
• The ten most costly climate change disasters of 2018
• Climate change: Huge costs of warming impacts in 2018
• How extreme weather in 2018 cost the world billions 
• Underestimating Climate Change Risks Could Hit Investors: Opinion
• Major insurers ditch controversial coal mine project