Each year from 2023 to 2030, climate change sustainable development goals will cost every person in economies such as the United States $2,026, the U.N. Conference on Trade and Development estimates. In lower-income economies, the per-person annual cost ranges from $332 to $1,864.
In total, the global price tag comes to about $5.5 trillion per year.
Separately, a report from the left-aligned nonprofit Climate Policy Initiative found that in 2021 and 2022, the world’s taxpayers spent $1.3 trillion each year on climate-related projects.
It also found that the “annual climate finance needed” from 2031 to 2050 is more than $10 trillion each year.
“Anyone who willfully denies the impact of climate change is condemning the American people to a very dangerous future,” President Joe Biden said on Nov. 14, 2023, while announcing $6 billion in new investments through the Inflation Reduction Act (IRA).