In a new series by the CNBC personal finance team, we're delving into how climate change will impact your money.
U.S. weather and climate disasters cost more than $600 billion between 2018 and 2022 — a record figure, according to the U.S. Department of Treasury.
With each additional degree of warming, the U.S. is expected to take a bigger economic hit, the Fifth National Climate Assessment. For example, an increase in global temperatures by 2°F is anticipated to double the financial impact induced by 1°F of warming. "Florida, Louisiana and California are all facing severe challenges, and I expect these issues will spread to other states in the years ahead," Rumbach said.
At the same time, workers may see their wages shrink as businesses and communities are disrupted by storms and heat waves. Within seven years, up toMore than 65 million adult workers in the U.S. are in occupations endangered by climate-related health risks, KFF, formerly the Kaiser Family Foundation, estimated in a July 2023ICF, the consulting firm, warns that global warming could put people's retirement savings in jeopardy, too.
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