Climate change causes losses in four areas:
The summer of 2021 may be one of the hottest on record, as dozens of cities in the west have experienced unprecedented high temperatures. The extreme heat felt in many parts of the United States is killing hundreds of people, triggering wildfires, and exacerbating drought conditions in more than a dozen states.
How does all this hot heat affect the broader economy?
Here are four ways extreme heat damages the economy and a little bit of good news.
- Growth takes a hit
Studies have found that extreme high temperatures will directly damage US economic growth.
For example, a study in 2018 found that in the relatively hot summer, the economic growth rate of US states tends to be slower.
Data shows that for every state’s average summer temperature 1 degree Fahrenheit higher than normal, the annual growth rate will drop by 0.15 to 0.25 percentage points.
Workers in industries that are vulnerable to weather, such as construction, work fewer hours when the weather is hot. But higher summer temperatures have reduced growth in many industries that often involve indoor work, including retail, services, and finance. When the weather is hot, the work efficiency of workers will be reduced.
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- Decline in crop yields
Agriculture is obviously affected by the weather: after all, crops are grown outdoors.
Although temperatures as high as 85 degrees Fahrenheit to 90 degrees Fahrenheit are good for crop growth, when the thermostat is raised further, the yield will drop sharply.
- Soaring energy use
When the weather is hot, energy consumption will increase when people and companies run air conditioners and other cooling equipment at full speed.
Recent studies have shown that in places that tend to be hotter, energy use has increased the most, possibly because more homes have air conditioning.
At a time when people are most dependent on the grid, this increase in electricity consumption in hot weather puts pressure on the grid, as seen in California and Texas during the recent heatwave.
- Education and income are affected
The long-term effects of hotter weather involve how it affects children’s learning abilities, which in turn affects their future income.
Studies have shown that hot weather during the school year can reduce test scores. As the temperature exceeds 70 F, the math score will get lower and lower.
In fact, the effects of extreme heat on development begin even before we are born. Studies have found that adults who are exposed to extreme heat during the fetal period earn less in their lifetime. Every additional day with an average temperature above 90 degrees Fahrenheit reduces income by 0.1{7d6bb1f761e691f027164c9fe6d1ebbc4659a250013ce39dc45a15ede39dbac5} after 30 years.
The #CleanPower industry is helping to rebuild the U.S. #economy while combating the climate crisis.
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