Note: Single-source report; awaiting corroboration.
In 2023, global temperatures were approximately 1.4°C above pre-industrial averages, coinciding with a rise in severe climate-related events such as heatwaves, floods, prolonged droughts, extended wildfire seasons, and higher sea levels.
Economic damage caused by climate variability and extreme events has doubled globally over the past two decades, reaching an average annual cost of USD 200 billion since 2015—mainly driven by storms.
This figure may underestimate the impact of slow-onset events like droughts. While causing less physical asset damage, these events are estimated to result in productivity losses several magnitudes greater than sudden-onset events.