New York, June 4 (SANA) Extreme weather linked to climate change is likely to generate more than $20 trillion in global spending over the next decade, according to analysts at Bloomberg Intelligence.
Bloomberg reported that increased expenditure aimed at addressing the effects of climate change is expected to support sales and profits for reinsurance companies as well as firms specializing in energy efficiency and climate-security solutions.
According to Bloomberg Intelligence, the cost of extreme weather events reached approximately $1.4 trillion last year, equivalent to around 1.2 percent of global gross domestic product.
The analysts said the figures highlight the growing economic burden of climate change while also underscoring opportunities for companies that help governments, businesses and communities reduce risks and adapt to changing environmental conditions.
Earlier this week, the United Nations’ World Meteorological Organization announced that the probability of an El Niño event developing between June and August stands at 80 percent, a development that could increase the risk of severe weather phenomena across several regions.
IZ/RK
