Vice President Al Gore mentioned an article in the Economist this week which I wasn’t sure which one although it looks like the one entitled, Global Warming is coming for your Home published there on 4.11.24. Below is a summary of the article and not the article itself!
Global Warming is Coming for Your Home
Global warming is no longer just a threat to distant, vulnerable regions – it is now knocking on the doors of homes around the world. According to a recent report in The Economist, about a tenth of the world’s residential property by value is under threat from the effects of climate change[1].
The potential costs are enormous. By one estimate, climate change and the fight against it could wipe out 9% of the world’s housing value by 2050 – amounting to a staggering $25 trillion, nearly as much as the entire U.S. economy[1]. This threat comes not just from coastal flooding, but also from severe weather events like tornadoes, hailstorms, and wildfires impacting homes far inland.
The article outlines three key challenges governments will face in addressing this crisis:
1. Paying for repairs to homes damaged by climate-related disasters[1]
2. Investing in protective infrastructure to shield homes from future impacts[1]
3. Modifying homes to reduce their greenhouse gas emissions and limit further climate change[1]
Apportioning these costs will be politically difficult, as voters care deeply about the value of their homes. Asking homeowners to foot the bill for expensive retrofits could lead to backlash, as seen recently in Germany[1].
Governments will need to carefully balance the interests of homeowners, taxpayers, and the broader need to address the climate crisis. Failing to act decisively risks further eroding the wealth and security of millions of households worldwide as global warming continues to intensify. The time to prepare is now.
[1] The Economist. (2024, April 11). Global warming is coming for your home. https://www.economist.com/leaders/2024/04/11/global-warming-is-coming-for-your-home
Summary Sources:
[1] https://www.economist.com/leaders/2024/04/11/global-warming-is-coming-for-your-home
[2] https://www.nytimes.com/2023/03/20/climate/global-warming-ipcc-earth.html
[3] https://news.stanford.edu/2023/01/30/ai-predicts-global-warming-will-exceed-1-5-degrees-2030s/
[4] https://climate.nasa.gov/news/3278/nasa-study-reveals-compounding-climate-risks-at-two-degrees-of-warming/
[5] https://www.nature.com/articles/s41598-023-30789-4
[6] https://climatechange.chicago.gov/climate-change-science/future-climate-change
According to the research results, the potential impacts of global warming on residential properties are significant:
1. About a tenth of the world’s residential property by value is under threat from global warming, including many homes not located near the coast[1]. Severe weather events like tornadoes, hailstorms, and wildfires are damaging homes[1].
2. Climate change and efforts to reduce emissions could wipe out 9% of the world’s housing value by 2050, amounting to $25 trillion – nearly as much as the entire U.S. economy[1].
3. Nearly half of all U.S. homes, worth around $22 trillion, face severe threats from climate change impacts like flooding, high winds, wildfires, heat, and poor air quality[3]. This can drive up insurance costs and destabilize the broader housing market[3].
4. Over the next 30 years, 18% of homes will be at risk of damage from hurricane-strength winds[3]. Homeowners in 19 U.S. states and D.C. are now required to carry additional hurricane-related insurance policies[3].
5. Climate change is already influencing where people live, with over 3 million Americans having moved due to flooding risks, and 83 million exposed to unhealthy air each year[3].
6. Unpriced climate risk could lead to overvaluation in the U.S. housing market, threatening its stability[4]. Higher temperatures and extreme weather are increasing damage and insurance costs for homes[5].
In summary, global warming poses a severe and growing threat to residential properties worldwide, with potentially massive economic consequences if not addressed[1][3][4][5].
Research Source:
[1] https://www.economist.com/leaders/2024/04/11/global-warming-is-coming-for-your-home
[2] https://www.nature.com/articles/srep12427
[3] https://www.cbsnews.com/news/climate-change-home-prices-housing-realtor-com/
[4] https://www.nature.com/articles/s41558-023-01594-8
[5] https://www.forbes.com/sites/forbesbusinesscouncil/2022/03/01/the-impacts-of-climate-change-on-the-real-estate-market/?sh=58da9c85d1b4
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