CNBC's Annie Nova is reporting on the Treasury Department's warning regarding the impact of climate change on U.S. household finances.
A report from the U.S. Department of the Treasury warns that climate change will significantly impact U.S. households financially. Between 2018 and 2022, weather-related disasters cost a record $617 billion, leading to economic hardship for 13% of Americans. Climate-related risks include disruptions in pay and benefits due to business closures from floods and wildfires.
Workers in sectors like agriculture and construction face prolonged unemployment. Climate disasters also damaged 1 in 10 U.S. homes in 2021, leading to a decline in property values. Supply chain disruptions may cause soaring prices for consumer products and energy, disproportionately affecting lower-income households.
Additionally, climate-related health issues could lead to increased medical expenses. The report emphasizes the need to address the financial impact of climate change on individuals and families.
Source: CNBC
https://www.cnbc.com/2023/10/02/climate-change-could-devastate-household-finances-us-treasury-warns.html
(This article was written with assistance from ChatGPT)
