The price of climate change is high—and the bill is only getting steeper as temperatures continue to rise, economists say.

A recent report compiled by risk management experts with the Institute and Faculty of Actuaries and the University of Exeter in England found that the global economy could experience a 50 percent loss in gross domestic product between 2070 and 2090 due to climate change, based on current emissions trends.

But this isn’t just a far-off risk. Economic shocks from climate change are already rattling markets around the world.

In the U.S. alone, extreme weather costs roughly $150 billion each year from direct impacts such as damage to infrastructure, agricultural losses and widespread injuries, according to a 2023 federal assessment . The impacts of warming trickle down

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