In the wake of the Annual Meetings of the World Bank Group and the International Monetary Fund, world leaders must also grapple with a grim reality: The climate crisis is not just an environmental concern, it’s a financial ticking time bomb. The damages are already manifesting: extreme weather events, rising seas and escalating temperatures are destroying lives and property globally, accounting for losses in the hundreds of billions each year. As the physical impacts of climate change intensify and compound, secondary threats emerge in the form of crop failures, energy shortages, disrupted supply chains, insurance deserts and devalued assets, further destabilizing the global economy.
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