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.
(This article was written with assistance from ChatGPT)