Climate change is costing us now

Only 55% of Americans believe that climate change will "hurt them a moderate amount" while 77% believe it will hurt future generations, according to a report by Wunderground weather channel.The fact is, climate change is already impacting us in the form of "rising insurance premiums and grocery prices due to extreme weather, wage loss due to wildfire smoke and heat waves, as well as the cost of rebuilding or relocating after natural disasters that are increasing in frequency."$500k to $1M per person"The cost of climate change to a baby born in 2024 in America could be around $500,000 over their lifetime… …the costs could reach about $1 million," according to a Consumer Reports commissioned study on the financial impact of climate change. Those costs, which are likely to be underestimates, would stem from a combination of lost income and increased costs.Income losses will arise from investment losses leading to lower retirement income, increased taxes due to higher government expenses and lower tax receipts, and lost wages due to climate hazards and damage. According to the report, increased costs would stem from "growing costs for food, housing, vehicle-related expenses, healthcare, travel and entertainment, utilities and other goods and services".Retirement Income LossesInvestment losses will be due largely to investment losses from "higher costs to companies (for example, higher cooling costs), declines in corporate productivity (for example, decreased labor productivity due to more required work breaks during heat waves), damages to physical assets and supply chains (for example, flood damages to raw materials), reduced resource availability (for example, increased lumber costs due to increased wildfire damage), and new costs associated with transitioning to low-carbon solutions (for example, replacing internal combustion engines with electric motors)."Tax IncreasesTax increases will be caused by lower government receipts due to lower corporate and personal earnings and increased government expenses due to increasing "instability that threatens global security," "physical damage to government infrastructure," "public healthcare expenses" and the "need for subsidized insurance programs."Lost WagesWage losses will be primarily due to health-related risks from heat, humidity and storms.Housing CostsHousing costs, the largest part of most budgets, will be the largest climate-related cost. "Flooding and weather-related damage to housing will increase the operating and maintenance expenses and insurance."Utility CostsHousehold heating and cooling and transportation will be the second highest impact – caused by extreme temperatures and increasingly severe and more frequent natural disasters.Food CostsThe third highest will be for food as climate change disrupts agriculture, reduces access to food and leads to higher food prices."Climate-Investment BenefitsThe fifth National Climate Assessment published Nov. 14, 2023, points out that investments to limit climate change can provide "near-term benefits and opportunities" in jobs, air-quality, health, economic, and social benefits, reduced risks and greater adaptation options.Such investments will pay off now and in the future. While we need our government to make these investments, we also need to consider what choices we can make to mitigate climate change for the sake of future generations.•••Rebecca Cummings is a retired engineer living in Unicoi who, along with her husband of 40 years, enjoys exploring the beauty of the mountains, streams and waterfalls. Her deep Scottish heritage feeds a strong drive to conserve money and resources and to protect the area's beautiful environment for future generations. She writes her "Conservation in Mind" column two times a month.