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.
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