News / Economy

Experts Ponder Costs Of Climate Change

Experts Ponder Costs Of Climate Changei
X
February 28, 2014 11:19 PM
Climate change is making it harder than usual for scientists to figure out what the future will bring and what impact weather changes will have on society and the economy. An upsurge of severe weather events has already destroyed homes, businesses and lives. As VOA's Jim Randle reports, some fairly simple changes may reduce the toll.
Climate change is making it harder than usual for scientists to figure out what the future will bring and what impact weather changes will have on society and the economy.  An upsurge of severe weather events has already destroyed homes, businesses and lives. Some fairly simple changes may reduce the toll.

In a laboratory test, a house built with conventional techniques is falling apart in hurricane-force winds. 
 
The survivor has stronger shingles, thicker roof boards, and metal straps holding floors together.

Wind tunnel tests were done by the Insurance Institute for Business & Home Safety.  It says stronger construction costs a little more, but holds up much better to extreme weather.   

The growing number of unusually strong storms, like Typhoon Haiyan, has convinced the Chairman of the U. S. Senate Homeland Security Committee, Tom Carper, that extreme weather is the “new norm.”

"Extreme weather events have increased in frequency over the past 50 years and are expected to become even more common, more intense, and more costly," said Carper.

Hurricane Sandy hit beachfront businesses along the U.S. East Coast, including Carper's home state.   Insurance companies had to pay out huge claims.  To limit such losses, the insurance industry can raise premiums for businesses in vulnerable locations and offer discounts to clients who make their buildings more resilient with upgraded construction techniques.

Managing risks is the job of insurance brokers like Kevin Connelly of the Graham Company, who spoke to VOA via Skype.

“We are either going to price your insurance at a huge markup, or we are not going to write (sell it) it at all, which is just as bad obviously," said Connelly.

Drought is another suspected consequence of climate change, and dry ground means more wildfires in California.  Current mathematical models of climate change do a poor job of predicting the economic impact of drought and other weather events, says Massachusetts Institute of Technology Professor Robert Pindyck, who spoke via Skype.   

“I think all we can do, taking all of that into account, is come up with some very rough numbers, very rough estimates, "said Pindyck. "Consensus estimates that maybe experts provide, that give us a view of what would the catastrophic outcome look like if we don’t do anything?”

To help deal with this serious problem, Pindyck says policymakers should take actions such as imposing a tax on carbon dioxide emissions.  A carbon tax would encourage companies and families to use less energy and generate fewer of the gases thought to be driving changes in the climate.  But other analysts say it is unlikely a new tax will get approval in the U.S. Congress any time soon.

You May Like

UN Watchdog Urges Israel to Probe Possible Gaza War Crimes

More than 2,100 Palestinians, most of them civilians, were killed in a 51-day war in Gaza, along with 67 Israeli soldiers and six civilians in Israel More

New Kenyan 'Thin SIMs' Poised to Transform African Mobile Money

Equity's new technology is approved in African nation for one-year trial, though industry leader Safaricom says thin SIMs could lead to data theft and fraud More

Solar's Future Looks Brighter

New technology and dropping prices are contributing to a surge in solar power More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Talks to Resume on Winter Gas for Ukrainei
X
Al Pessin
October 25, 2014 4:21 PM
Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Talks to Resume on Winter Gas for Ukraine

Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7893
JPY
USD
107.68
GBP
USD
0.6238
CAD
USD
1.1214
INR
USD
61.185

Rates may not be current.