Climate change has recently become a hot topic. For decades, the planet is warming up faster than it should be, greenhouses gases are affecting the atmosphere and it’s also affecting the food that we eat and even to the homes we have that’s sheltering us.
We thought that this is just a minor problem that we still wouldn’t face in the near future but with natural disasters on the rise, it can be quite alarming. You might not be aware of it yet, but climate change is already affecting us where it hurts the most – our finances. Here are 3 ways where it’s impacting your wallet:
- Health costs. A warm climate can affect several environmental aspects that actually contribute to humans to have good health naturally: clean water, clean air, healthy nutritious food, and proper shelter. Temperatures that keep on rising equates to sickness or getting ill from the extreme heat. Increased weather disasters mean more injuries and even physical damages to people and properties. As spring comes, there is a drastic increase in plant pollen that can contribute to cardiovascular diseases and can even trigger asthma attacks. These are just a few environmental effects that can impact our wallets, in a way that when you seek health care to manage these risks, we get to pay more. Young and old alike, wherever you are located or even how vulnerable you are to these effects, you are expected to pay for health care services to get well.
- Home repairs and insurance costs. A lot of places either have wetter spring, longer winter season or severe storms. The reason for having severe storms recently may be a cause in an increase in temperature, which means that air holds more moisture than the usual. Since there’s more water in the air, it can come down in the form of storms and all the energy that goes into evaporating that water also comes out of the process. Now, you have the concoction for a heavy storm with greater winds and a greater volume of water. Since these types of storms can suddenly pop up and drop bucket loads of rain in any region, flooding isn’t limited anymore to homes near rivers or lakes. In Canada, home insurance rates are rising as a direct result of shifts in climate. Homeowners need to be prepared for this new reality as only a minority of residents do have any type of insurance coverage for their homes.
- Food costs. Climate change is already affected how our food is being produced. It is expected that there will be a reduction in livestock and crop yields within the next century. A lot of agricultural communities are facing different types of challenges – drought, increase in pests that damage their produce which may push an increase in the price of food. Even if a country is getting abundant supply, the global price itself can hit our wallets quite hard. Climate change will not only affect our grocery bills. This will also include the food that we eat at restaurants or even your favorite cup of coffee.
These are just a few items of how climate change can affect us. If we don’t take action now to lessen our carbon footprint or care for our environment, we can expect more to impact our finances in the years to come.