Powering Net Zero Commitments

Climate change driver in escalating US flood damages: Stanford study:

A new Stanford study shows that climate change is driver behind in escalating flood damages in the US.

Climate change has caused rainfall to intensify which has in return caused over $75 billion in flood damage over the past 30 years. This was confirmed by Stanford University researchers on Monday. These findings which were published in the journal Proceedings of the National Academy of Sciences highlighted the continuous debate on how much climate change has influenced the heightened risk builders, banks, homeowners and insurers face from flooding risks and the rise of global temperatures.

These losses caused by worsening extreme rains account for about a third of the full financial flooding costs in America from 1988 to 2017. This was according to the report which analysed socioeconomic and climate data in order to quantify the relationship between historical flood costs and changing historical rainfall trends.

Researchers discovered that global warming played an integral role in the rise of US flood costs. They also warned that exceeding the warming levels already outlined in the Paris Climate Accord would worsen the case of extreme disaster events. The Paris Climate Agreement aims to ensure the increase in global temperatures does not exceed 3 degrees Celsius or 3.6 degrees Fahrenheit, in relation to pre-industrial levels.

There have been a record number of floods, wildfires and hurricanes which cost the world over $210 billion in damages last year. This was according to research conducted by the reinsurance company Munich Re. The world’s 6 most expensive disasters of the previous year occurred in the US, with the worst being Hurricane Laura that made landfall in August.

Even in states where long term rainfall levels haven’t changed, the wettest storms have been intensified, resulting in more financial damage being caused.

“Accurately and comprehensively tallying the past and future costs of climate change is key to making good policy decisions,” Marshall Burke, associate professor of Earth system science at Stanford and a study co-author, said in a statement.

“This work shows that past climate change has already cost the U.S. economy billions of dollars, just due to flood damages alone,” Burke also added.

All over the nation, millions of individuals are exposed to increased flood risks, with over 14 million properties identified as being susceptible to flood damage. This was according to data from the First Street Foundation, a nonprofit research and technology group.

Nevertheless, numerous homeowners in these high-risk areas still do not have flood insurance as federal flood maps which guide insurance demand have not been updated and fail to factor in the influence of intense rainfall and climate change. Additionally, minority communities in the nation are also at a higher risk of flooding.

Researchers hope this analysis could help identify the real costs of other climate change-influenced disasters, causing an improvement in climate adaptation strategies all over the nation.

“The framework that we developed provides an objective basis for estimating what it will cost to adapt to continued climate change and the economic value of avoiding higher levels of global warming in the future,” Noah Diffenbaugh, a Stanford climate scientist and senior author of the study, said in a statement.

Share this article on your social networks

Related Posts

Greenhouse Gas Emissions by Country: Understanding the Global Impact
Greenhouse gas emissions by country: Understanding the global impact. In this article, we will take a closer look at the top greenhouse gas emitting countries, ...
Read More
GHG Reporting: Understanding and Mitigating Greenhouse Gas Emissions
Greenhouse gas (GHG) reporting is the process of measuring, reporting, and ultimately reducing an organization's emissions. In this article, we will explore the basics of ...
Read More
5 key takeouts from the new IPCC Climate Report
The most recent 3.675 pages IPCC report has been hailed as the most searing indictment of the planet’s climate predicament. Here are 5 key takeouts.
Read More
Overwhelming majority of Australians look to Brands to make a climate difference
The research, released today at Nine’s State of the Nation Sustainability virtual event, showed that despite everyday Australians making changes to live more sustainably, the ...
Read More
67% of retail investors now prefer ESG investments
According to new research from behavioural finance experts, Oxford Risk, two out of three retail investors are considering transferring their investments into ESG propositions.
Read More
Massive and rapid swing. 75% of Australian businesses leaders believe world is at climate change tipping point: Deloitte Report
Australian business leaders are becoming a lot more concerned about climate change. This shift is according to a new report and it shows a significant ...
Read More
Climate Impact Measurement and Disclosure Growing Quickly Among Businesses
Many of the world’s biggest organisations have begun to share information concerning their carbon footprint in a new move that embraces transparency as organisations are ...
Read More
Explosive research for Australian businesses: people are turning down high paying jobs for 1 surprising reason
employed by a company that did not do its part to address climate change.
Read More
Australia Ranks Last Out Of 60 Nations For Climate Crisis Response Policy
Australia’s government policy response to the climate crisis was ranked last in an assessment of 60 nations released at the current global climate summit in ...
Read More

UNLOCK your 25% Early Bird enrolment discount

Action takers are winners! Get 25% off the enrolment fee for a limited time.

Let us redirect you to our 2024 Program Outline and email your time-sensitive discount code.