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$650 Billion and Rising: The Current Cost of Climate Change
A new report from Morgan Stanley urges businesses to prepare for a world with intense weather events, infectious disease and rising sea levels.
By: Jared Shelly
The Gist: Businesses need to move to protect themselves from the devastating effects of climate change, according to a new report from Morgan Stanley. Climate disasters have cost $650 billion in just the past three years, according to the investment bank. Much of that damage has hit North America, where hurricanes and wildfires have been persistent.
Morgan Stanley urged businesses to prepare for a world with intense weather events, infectious disease and rising sea levels.
“We expect the physical risks of climate change to become an increasingly important part of the investment debate for 2019,” Morgan Stanley equity strategists Mark Savino, Jessica Alsford and Victoria Irving said.
By the numbers: There were plenty of sobering statistics released by Morgan Stanley:
$650 billion: the cost of climate disasters in the past three years.
$415 billion: the cost of those disasters in North America. That’s 0.66 percent of the North American GDP.
$54 trillion: the potential cost of damages due to global warming by 2040.
More:
https://riskandinsurance.com/cost-of-climate-change/