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Indicator: Cost of Climate Impacts

Sustainability Snapshot:

A team of scientists and economists (Washington Economic Steering Committee) produced a report in 2006 that reached three conclusions about the effects of climate change on Washington’s economy: 1.) Climate change impacts are visible today and the economic effects are becoming apparent; 2) The costs of climate change will grow as temperatures and sea levels rise; and 3) Climate change will also provide economic opportunities. Two examples of economic impacts are wildfire fighting and water conservation. Direct costs of fighting wildfires may cost more than $75 million per year by the 2020s, which is a 50 percent increase from current costs and does not take into account the costs of lost timber value. And water conservation costs to offset the decline in guaranteed water of Seattle’s water supply, due to climate change impacts, could exceed $8 million per year by the 2020s and $16 million per year by the 2040s.

Data Discussion

The Indicator Defined

This indicator is under development.

Data Interpretation/Evaluation

 In 2010, Sustainable Seattle decided not to update this indicator as there is insufficient data to determine a trend. This is not so in more vulnerable part of the world, and Sustainable Seattle take the position that the forecasted costs of climate impacts are important.

Data Source and Limitations

 

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