$7 Trillion Climate Boost To GDP Growth
If you want to know what the price of climate change is, look at the $7.7 trillion added to the US GDP since 2000. This stems from preparing for and responding to major climate disasters in America. The bad news is the disasters. The good news is what it has added to GDP overall.
According to a Bloomberg analysis, this sum is “The amount of spending related to recovering from or preparing for disasters in the US since 2000, according to research by Andrew John Stevenson, a senior analyst at Bloomberg Intelligence. The amount is 36% of all the growth in the country’s GDP over that period.”
It affects everything from car parts to supply chain disruptions across multiple industries. It includes financial services activity—from mortgages on properties destroyed and rebuilt to fire and hurricane damage —for government agencies that deal with climate and weather.Â
What If The Number Gets Higher?
Setting aside the tragedy and destination, it is fair to forecast that, as climate change gets worse, the number will go up, as will the boost to GDP
This part of the economy is hidden, or at least disguised by its components. If so, its life to the economy is hard to predict. In addition to AI, it may be an engine that keeps GDP from dipping, as it has in US history to date.
Sponsor
Find a Vetted Financial Advisor
- Finding a fiduciary financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in 5 minutes.
- Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Get on the path toward achieving your financial goals!
More from ClimateCrisis 247
- What If AI Can’t Borrow Money?
- Can The World Fix Asian Climate Disaster?
- Do Millennials Blame Boomers For Climate Crisis?
- Wildfires Kill People In US, Europe, And Asia
