Climate Change Will Bankrupt Us Before It Drowns Us | Opinion

Climate Change Will Bankrupt Us Before It Drowns Us | Opinion

In addition to war in Ukraine and fiscal policy, climate change plays a behind-the-scenes role in the inflation and the cost-of-living crises.

One dramatic example of how this happens came in March 2021, when the container ship Ever Given got stuck in the Suez Canal and made news across the world. It was a spectacular picture with a 400-meter-long vessel blocking a 200-meter-wide canal. It delayed hundreds of other ships and caused shortages in shops and factories for months. The financial cost came to over $2 billion in insurance claims.

Ever Given got stuck because climate change is making sandstorms stronger and more frequent in the area, and one such storm blew the vessel into the bank. It showed how fragile our modern world is to disruptions from climate change.