Hurricane Beryl Financial Damage -Most Important Financial News 7.1.24

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Hurricane Beryl has strengthened into a Category 4 hurricane, reaching that level at close to record speed. It will slam into some of the islands in the Caribbean and then parts of Mexico. Beyond the cost to human life and suffering, the destruction will cost hundreds of millions of dollars and could affect businesses in the area for months. Climatecrisis247 believes this is warming for businesses on America’s Atlantic Coast and the Gulf of Mexico. These storms grow powerful more rapidly and become more destructive than many past storms. That means the US price tag of such a storm could be well into the billions of dollars.

Bill Gates –Climate Champion?

Several parts of the US that make much of their money from tourism are being destroyed by violent climate change. These include California’s Big Sur Coast Highway, homes and tourism along North Carolina’s Outer Banks, Washington DC’s monument areas, Key West, and Hawaii. The list comes from USA Today. Climatecrisis247 believes that although this list gives good examples, it is incomplete. US tourism across many parts of the nation, particularly those close to the oceans, could be destroyed at a level at which tourism will disappear completely, decimating some economies.

China EV Battles

The tension between using China’s green energy products and EVs and the costs to national economies is growing. According to Axios, “Some of the world’s largest economies want to speed up the green transition — unless doing so makes China more influential.” Climatecrisis247 believes that this tension will grow rapidly as it becomes more evident to both governments and consumers that it will take years for Western green technologies to catch up to China’s advanced sophistication and price points. If economics take precedence, global warming goals will be compromised.

Climate Haven Cities

The idea that certain US cities are “climate havens” is probably false. Cities, including Buffalo, Ann Arbor, MI, and Madison, WI, say they are safe from most climate change effects. A closer look shows that some are vulnerable to freezing weather, snow, and intense summer storms. Climatecrisis247 believes that more than one scientific study shows that areas from northern NY State to Minneapolis will likely avoid the weather that will batter the rest of the country. There is little science to support either side of the debate.