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Economic Impact of Climate Change in Europe Is Scrutinized [1]

['Eshe Nelson', 'More About Eshe Nelson']

Date: 2021-09-22  

After a summer of extreme heat, wildfires and floods in Europe, the costs of climate change — human and financial — have become increasingly stark. And a new report by the European Central Bank has reaffirmed the severe consequences of delays or inaction on climate change.

Banks and companies in the eurozone risk economic loss and financial instability, the central bank said Wednesday as it published the results of its first economywide climate stress test, part of a major effort by policymakers to support the transition to a net-zero carbon world.

By the end of the century, more frequent and severe natural disasters could shrink the region’s economy by 10 percent if no new policies to mitigate climate change are introduced, the report said. By comparison, the costs of transition would be no more than 2 percent of gross domestic product.

“The short-term costs of transition pale in comparison with the costs of unfettered climate change in the medium to long term,” the report published on Wednesday said.

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[1] Url: https://www.nytimes.com/2021/09/22/business/europe-climate-change-cost.html

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