Climate Change Impacts on US Economy and International Trade

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This chapter discusses the impacts of climate change on the US economy and international trade, highlighting efforts to reduce greenhouse gas emissions and adjust to climate change effects. It explores the economic losses in sectors such as agriculture, transportation, tourism, and healthcare, and how climate change is projected to alter the economic landscape. Additionally, it discusses the challenges faced by insurance systems and public budgets, and emphasizes the already occurring and future impacts of climate change.

The US government recently published its Fifth National Climate Assessment, warning that climate change poses big risks to the nation's economy, human health, agriculture and food supply chains. This congressionally-mandated interagency analysis is released every four years and is the government’s preeminent report on climate change impacts, risks, and responses.

In this episode of the ESG Insider podcast, we're talking with four authors behind the report. To understand the impacts of climate change on the US economy, we speak to Monica Grasso, Chief Economist at the National Oceanic and Atmospheric Administration (NOAA). Monica was the agency lead author for the economics chapter of the report.

We explore the link between climate change and human health with Mary Hayden, Research Professor at the Lyda Hill Institute for Human Resilience at the University of Colorado and lead author of the report's chapter on human health.

To understand the impacts of climate change on agriculture and food supply chains, we hear from agricultural economist Dr. Dannele Peck, who is Director of the Northern Plains Climate Hub for the US Department of Agriculture (USDA) and co-authored the report’s chapter on agriculture, food systems and rural communities.

And we hear about the physical impacts of climate change from Mark Osler, NOAA Senior Advisor for Coastal Inundation and Resilience who was federal coordinating lead author of the report’s chapter on coastal effects.

Read research from S&P Global Sustainable1 about the financial costs of climate change for companies here: https://www.spglobal.com/esg/insights/featured/special-editorial/quantifying-the-financial-costs-of-climate-change-physical-risks

This piece was published by S&P Global Sustainable1, a part of S&P Global.

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