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Extreme weather could cost $US1 trillion

Earth News: Climate Change Analysis

Nov 15, 2006
LOSSES from extreme weather could top $US1 trillion ($1.3 trillion) in a single year by 2040, a UN climate conference was told today.
Speaking at the UN climate meeting in Kenya, a partnership of the United Nations Environment Program and private finance institutions (UNEP FI) said the estimated cost of droughts, storm surges, hurricanes and floods reached a record $US210 billion ($276 billion) in 2005.
Such losses linked to global warming were expected to double every 12 years.
"This is an unequivocal statement by 15 of the largest financial institutions: Climate change is now certain," Paul Clements-Hunt of UNEP FI said.
"In one scenario, potential disaster losses are calculated at more than $1 trillion in a single year by 2040... It is one of many scenarios, but the process was robust and the institutions felt comfortable it was a realistic scenario."

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