We have come through the hottest decade in our history, with 2019 touching 1ºC warmer than the 20th century average. If you think climate change is something graduate students dreamed up for their theses, how would you feel if we told you it was bad for business? Wall Street Journal recently said it negatively affects our economy. When climate change affects our pockets, perhaps it is time to do something about it.
Recovery is Slow When Climate Change Affects the Bottom Line
Australia is cutting interest rates once again, because the fires are having a devastating effect on tourism, consumer confidence, and growth forecasts for 2020. Puerto Rico never fully recovered from 2017 Hurricane Maria. Climate is affecting economies that trade with North America.
Severe drought caused massive fires in California that broke the back of its largest utility, Pacific Gas and Electric. When climate change affects the pockets of small investors, it is coming closer to home. Extreme weather events no longer just make headlines. “They’re starting to affect economic outcomes too,” Robert Kaplan, president of the Dallas Federal Reserve Bank just told an economic conference.
Climate Now Tops the Business Worry Beads
The World Economic Forum is preparing for its annual conference at Davos, Switzerland next week. It asked business, academic, political and non-government leaders to rank the most probable and consequential risks. Climate-related concerns took all five top spots, making cyber-attacks and fiscal crises also rans.
This is the first time in the World Economic Forum’s 14-year history there was such unanimity of opinion. So there you go, is this case closed? We are not alone in our fear of what climate will bring if the trajectory continues. We now understand climate will strike us where it hurts, in our wallets.
That just leaves one outstanding question. We can’t run from it like that kangaroo tried to. What are we going to do about it as individuals?
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Preview Image: A kangaroo rushes past a burning house
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