Skip to main content

New top story from Time: Rising Heat Is Making It Harder to Work in the U.S., and the Costs to the Economy Will Soar With Climate Change

https://ift.tt/3gJcfzh

Rising extreme heat will make it increasingly hard for workers to do their jobs, shaving hundreds of billions of dollars off the U.S. economy each year. That’s according to a report published Tuesday by the Atlantic Council’s Adrienne Arsht-Rockefeller Foundation Resilience Center, a Washington D.C.-based think tank focused on climate adaptation. It’s a stark warning about the costs of failing to act on climate change.

Productivity losses due to heat currently cost the U.S. an estimated $100 billion a year, the report claims. As days of extreme heat become more frequent in the years ahead, that figure is projected to double to $200 billion by 2030—around 0.5% of GDP. By 2050, annual losses are projected to hit $500 billion, around 1% of GDP. These national losses are expected to come primarily from the southeast and midwest. But the effects will be felt across most of the country, with annual losses of at least 0.5% of economic activity projected for 62% of U.S. counties.
[time-brightcove not-tgx=”true”]

This summer, it’s been hard to ignore that the U.S. is getting hotter. Since June, rolling heat waves have stifled nearly every region, weighing especially hard on western states, nearly all of which have recorded drought conditions. In the last week of August, 60 million people were under heat warnings across the country, with temperatures as high as 115°F in southwestern cities, and humidity making northeastern cities feel close to 100°F. Unusually high temperatures have not only been felt in the U.S.: according to scientists at the National Oceanic and Atmospheric Administration, July was the hottest month on Earth since records began, beating the previous high of July 2016 by 0.02°F.

As greenhouse gases in our atmosphere absorb more heat, the U.S. will experience more frequent and more widespread “high heat days”—defined as a day when the maximum temperature is above 90°F. Drawing on climate projections from the World Climate Research Program, downscaled to county-level, the report estimates that by 2050, up to 30% of the U.S. population will be exposed to more than 100 high heat days per year. That’s up from 5% under the prevailing climate conditions.

Though we may all feel the rising heat on warmer days, its long term consequences for the economy are still poorly understood, says Kathy Baughman McLeod, director of the Adrienne Arsht-Rockefeller Foundation Resilience Center. “It’s hard to isolate heat in economic data,” she says. “Where other climate hazards like hurricanes and floods have an impact on physical assets, heat’s impacts are mostly on the human body.”

On high heat days, studies show people are more likely to feel tired or sick at work, partly as a result of nighttime temperatures remaining too high to get a good night’s sleep. When people are tired, they take more breaks, work more slowly, make more mistakes and have a higher risk of getting injured.

To figure out how those factors affect the U.S. economy as a whole, researchers at consultancy Vivid Economics combined projections for the number of extreme heat days in counties across the U.S., a model on heat-related productivity loss, and government data on the predominance of outdoor work and access to air conditioning across industries. Researchers also included existing models for heat’s impact on ​four crops that are key to U.S. agriculture: corn, soy, wheat and cotton.

The result is only a partial view of heat’s impact on the economy. The analysis leaves out many other ways that heat may impact economic output across the country that were too difficult to measure reliably, including the impact that heat might have on leisure and tourism, the cost of wildfires, and the cost of mechanical failures for machines that stop working at high temperatures.

But even with the limited scope, the $100 billion in current annual heat-related productivity losses outweigh the estimated $60 billion cost of the record-breaking 2020 Atlantic hurricane season. And the annual losses projected in the near future are even worse.

The southeast and the midwest of the country will face the highest economic cost from extreme heat. Texas—the most-affected state due to its climate and relatively high levels of outdoor work— is currently losing an average of $30 billion a year, per the report, and is projected to lose some $110 billion a year by 2050, amounting to 2.5% of its total economic output.

Heat’s impact on work is not distributed equally among the U.S. population. Black and Hispanic workers tend to live in parts of the country that are more exposed to heat, and they face worse working conditions with less protection from heat; in 2020 they lost around 1.3% of their productivity due to heat, compared to a 1.1% loss for non-Hispanic white workers.

The industries most affected by extreme heat are construction and agriculture, where workers are most exposed. By 2050, construction is projected to lose 3.5% of its total annual economic activity to heat ($1.2 billion per year), while agriculture, where falling crop yields are also a factor, would lose 3.7% ($130.7 million per year).

But overall losses from heat are projected to be even bigger in the service sector, which dominates the U.S. economy. While those in office jobs are mostly protected from heat by air conditioning, workers in areas like food service or transportation can be exposed to dangerously high temperatures. The sector faces losses of $2.8 billion a year—0.7% of its economic activity—by 2050, per the report.

The study is part of a growing body of research that attempts to put a price tag on the risks the world’s economies face from climate change. The goal, Baughman McLeod says, is to show that doing nothing will cost more than taking action to cut emissions and adapt to climate change. In the case of heat, adaptation will include solutions like creating urban forests, improving early warning systems, and developing heat-resistant strains of crops. “These things require investment,” she says. “But protecting people first rather than paying for it later will, in the end, be the right decision for any business or government.”

Comments

Popular posts from this blog

New top story from Time: Tom Brady and Gisele Bündchen Take Equity Stake in Crypto Firm FTX

https://ift.tt/2UQsN09 Celebrity couple Tom Brady and Gisele Bündchen have taken an equity stake in crypto firm FTX as part of a long-term partnership, marking the duo’s newest foray into the world of digital assets. Both Brady, a celebrated American football player, and Bündchen, a world-renowned supermodel, will serve as ambassadors for FTX, according to an announcement Tuesday. The cryptocurrency exchange declined to disclose their equity stake, but did say they will both receive an unspecified amount and type of crypto. Bündchen will also take on the role of FTX’s environmental and social-initiatives adviser, according to the release. “Tom and Gisele are both legends and they both reached the pinnacle of what they do,” Sam Bankman-Fried, founder and chief executive officer of FTX, said in a phone interview. “When we think about what FTX represents, we want to be the best product that is out there.” [time-brightcove not-tgx=”true”] FTX, with 29-year-old Bankman-Fried at...

Rakesh Tikait viral video shows him asking farmers to enter Delhi with lathis - Watch https://ift.tt/3cdtQh8

An undated video of Bhartiya Kisan Union spokesperson Rakesh Tikait has gone viral, wherein he is seen asking and appealing to his supporters to be armed with lathis for the Republic Day tractor rally, and be prepared to save their land. In the video, Tikait could be heard saying "The government is not listening. Come with your sticks and flags." After a pause, Tikait is asking his supporters to 'understand his words, come along with tiranga atop lathis'.  

FOX NEWS: Mom's Halloween makeup skills transform daughters into iconic characters all month While the pandemic has made Halloween festivities uncertain for the second year in a row, the Scrivener family has found a fun and creative way to celebrate at home.

Mom's Halloween makeup skills transform daughters into iconic characters all month While the pandemic has made Halloween festivities uncertain for the second year in a row, the Scrivener family has found a fun and creative way to celebrate at home. via FOX NEWS https://ift.tt/2ZvkWY8

New top story from Time: At Donald Trump’s Republican Convention, It’s a Family Affair

https://ift.tt/3aXnO1y Two days in, and the Republican National Convention looks a lot like a Trump family business. Just as Donald Trump worked closely with his children at the Trump Organization, numerous members of the President’s immediate family, including all four of his adult children, are speaking throughout the week at the RNC to advocate for his re-election. On the first night of the convention, the president’s son Donald Trump Jr. spoke, as well as Don Jr.’s girlfriend Kimberly Guilfoyle. First Lady Melania Trump headlined the second night, with President Trump sitting in the front row to watch her speech in the Rose Garden. The president’s children Tiffany Trump and Eric Trump both spoke before Melania on Tuesday, and a list of speakers sent out by the Trump campaign ahead of the week’s events also has Ivanka Trump and Eric’s wife, Lara Trump, scheduled to speak. Trump has long valued loyalty among his closest associates above all else, and only a small group...

PM Modi to address farmers today, transfer Rs 18,000 crore to nine crore families https://ift.tt/38A74wz

Prime Minister Narendra Modi will address farmers via video-conferencing as the Bharatiya Janata Party plans to scale up the outreach plan amid the ongoing farmers protest over the new agri laws. The Prime Minister will also release the next installment of financial benefit under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) of more than Rs. 18,000 crore to more than 9 crores beneficiary farmer families.

FOX NEWS: Halloween warnings issued of cannabis products 'impersonating' major snack brands Attorney Generals from Connecticut and Ohio issued warnings about THC products packaged to look like major snack brands.

Halloween warnings issued of cannabis products 'impersonating' major snack brands Attorney Generals from Connecticut and Ohio issued warnings about THC products packaged to look like major snack brands. via FOX NEWS https://ift.tt/3EjjdnW

FOX NEWS: Canine influenza outbreak: What dog owners need to know A canine influenza outbreak in Los Angeles is drawing up concern among pet owners on the West Coast.

Canine influenza outbreak: What dog owners need to know A canine influenza outbreak in Los Angeles is drawing up concern among pet owners on the West Coast. via FOX NEWS https://ift.tt/3nTXOuM

Suresh Raina booked by Mumbai Police for breaching Covid protocols at nightclub https://ift.tt/3mk0cs3

Former Indian cricketer Suresh Raina was among a number of celebrities booked by the Mumbai Police after it conducted a raid at a pub late on Monday.  

Alipay to WeChat Pay: Trump orders ban on transactions with 8 more Chinese apps https://ift.tt/2KMvM4O

President Donald Trump has signed an executive order barring transactions with eight Chinese apps including Alipay and WeChat Pay to protect America''s national security, citing the steps taken by India to ban more than 200 Chinese connected software applications.

Singapore's ruling PAP wins general election; PM Lee Hsien Loong returns to power https://ift.tt/3fmkmPE

The People's Action Party (PAP) has won the general elections of Singapore on Friday. Prime Minister Lee Hsien Loong has returned to power, winning 83 of the 93 seats contested in Friday's General Election, even as the Opposition registered minor gains. from IndiaTV: Google News Feed https://ift.tt/38ICK2A