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The financial impacts of the climate crisis
Written by Wattcrop team
The financial impacts of the climate crisis are far-reaching and wide-ranging, with the potential to affect virtually every aspect of the global economy. The Intergovernmental Panel on Climate Change (IPCC) has estimated that the total costs of the climate crisis could reach as high as 5% of global GDP each year by the end of the century, with the majority of these costs being borne by lower-income countries and communities.
One of the most immediate financial impacts of the climate crisis is the increasing cost of energy. As temperatures rise, demand for air conditioning and other forms of cooling increases, leading to higher energy costs for individuals and businesses. In the United States, for example, the number of days per year with extreme heat is expected to increase by 50% or more by mid-century, which could lead to a significant increase in energy demand and costs. At the same time, the frequency and severity of natural disasters, such as hurricanes, earthquakes, and wildfires, are also on the rise, which can disrupt energy production and distribution, leading to further increases in energy prices.
First and very important, is the pre-development stage. This is that phase of the projects in which, after confirming the availability of the grid in an area, the people appointed by the company to find land, look for suitable fields and large pieces of land for the development of photovoltaic and wind projects. Once the necessary land is found, then the company’s experienced team of engineers undertake the necessary inspections. This involves environmental, topographical and archaeological checks in order to confirm the suitability of the land. The last step in the pre-development stage is the legal control on each private or public piece of land.
