For most countries, exposure to, and costs from, the physical impacts of climate change are increasing. Over the past 10 years, storms, wildfires, and floods alone have caused losses of around 0.3% GDP per year globally according to Swiss Re loss data. In an exploratory scenario analysis of the vulnerability and readiness of 135 countries to climate change over the next 30 years, S&P Global Ratings’ recent report, ‘Weather Warning: Assessing Countries’ Vulnerability To Economic Losses From Physical Climate Risks,’ finds that physical climate risks could expose 3.3%, 4%, and 4.5% of world GDP t…
