The planet is warming. This puts at risk our physical and financial well-being as well as our wallets.
Last Friday, thirteen federal agencies published a major report declaring that climate change poses a threat to Americans’ health and economic well-being. More than 300 experts compiled the report. It outlines a number of effects that climate change can have on Americans’ health and economic well-being.
The Fourth National Climate Assessment Volume II authors wrote that climate change will cause increasing losses to American property and infrastructure, and hinder economic growth in the next century.
William Nordhaus & Paul Romer were awarded the 2018 Nobel Prize for Economics Science. Their work emphasizes the importance and necessity of sustainable economic growth, as well as an economic system that considers climate change.
According to the Royal Swedish Academy of Sciences, the two economists have “designed methods for addressing some of today’s most pressing and fundamental questions about how we can create long-term sustained economic growth.”
According to the Government Accountability Office, climate change has cost taxpayers over $350 billion in the last decade. This is according to a report that was released last year by the nonpartisan federal watchdog. This figure will rise to $35 billion annually by 2050. The costs include cleanup and disaster assistance for flooding and storms. These are expected to rise with rising temperatures.
These estimates are made as the world experienced the hottest year ever in 2016, when temperatures reached 1.78 degrees Fahrenheit higher than the mid-century average. Global temperatures could rise by 7 degrees Fahrenheit in the 21st Century, according to scientists. Cities are building sea walls to protect their infrastructure from the effects of climate change.
The most immediate environmental effects of rising temperatures are likely to be the most visible, but the more subtle effects on our pockets may be just as worrying, according to David Stookey. Stookey is the author of ” Climate Proof Your Personal Finances“, which he co-authored with the Savvy Families Institute (an organization he runs that is based out of Rhode Island).
“Relatively few Americans will be affected by America’s physical problems”
He said that a greater number of people will experience financial problems. “The financial risks are much greater than the physical risks.” This generation.
Many people, including President Donald Trump are skeptical about the idea of climate change. However, more that 90% of scientists agree it’s real and caused by humans.
We don’t know how climate change will affect us and how we will slow it down but we can take steps now to prepare our finances.
Here are 6 quick ways to combat this phenomenon.
1. Re-evaluate your budget
2. Straighten out your insurance
3. Choose a job that is climate-safe
4. You can heat-proof your investments
5. Climateproof your home
6. Make a move
Stookey stated that adapting is the most important thing. He stated that the effects of global warming will have a local impact. One town may be completely unaffected, but its neighbor could be in serious trouble. “People should start to plan for the risks.”