New York - The danger of abrupt climate change could force the US economy to face “significant and widespread” disruptions, including property loss, reduction in industrial output and a loss of lives, a new report warned on Tuesday.
The report, which is commissioned by the Risky Business Project, a nonpartisan initiative, says that the primary impacts of the climate change will be “extreme heat and sea level rise,” as well as increased hurricanes and other coastal storms.
“If we continue on our current path, by 2050 between 66 and $106-billion worth of existing coastal property will likely be below sea level nationwide,” the report said, estimating the loss of property to reach 238 to $507-billion by 2100.
The report is backed by a trio of men with vast business experience:
former US Treasury secretary Henry Paulson, former New York City mayor and multibillionaire, Michael Bloomberg and former hedge fund manager Thomas Steyer.
“The Risky Business report shows us that our economy is vulnerable to an overwhelming number of risks from climate change,” Paulson said in a statement.
“But if we act immediately, we can still avoid most of the worst impacts of climate change and significantly reduce the odds of catastrophic outcomes.”
The report estimates that average annual losses from hurricanes and other coastal storms along the East Coast and Gulf of Mexico will grow by more than $42-billion due to sea-level rise, while potential change in hurricane activity is likely to raise that amount to $108-billion.
“In interior states in the Midwest and Southwest, extreme heat will threaten human health, reduce labour productivity and strain electricity grids,” it said. By the middle of this century, the average American could experience 27 to 50 days each year with temperatures reaching more than 35 degrees Celcius. That is up to more than three times the average number of 95-degree days over the past 30 years.
Sea level will rise and property losses will be greater in Southeast and Atlantic coast, it said.
The Southeast region, which currently has an average eight days of temperatures over 35 degrees Celsius each year, by mid century it is likely to see an additional 17 to 52 days above 35 Celsius.
The change could lead to 11 000 to 36 000 additional weather-related deaths per year.
Labour productivity of outdoor workers could be reduced by three percent as “anyone whose job requires them to work outdoors, as well as anyone lacking access to air-conditioning, will face severe health risks and potential death,” the report warned. - Sapa-dpa