Turns out that climate change has already cost us more than two Great Depressions combined. Compared to that, tackling the issue is not too expensive, too risky, or too far off to matter now, as some naysayers would have you believe.
In a video shared by Bloomberg Opinion (@bloombergopinion) on TikTok, journalist Mark Gongloff lays out a sobering comparison. He points to a chart from Bloomberg Intelligence showing that climate-related disasters have drained $7 trillion from the U.S. economy over the last 12 years. That's twice the impact of the Great Depression. And we're not even done yet.
@bloombergopinion #Climatechange is already twice as painful economically as the Great Depression, and it's only going to worsen, says @markgongloff #energy#energylwarming #recession #climate ♬ original sound - Bloomberg Opinion
"Climate change is already as economically painful as two Great Depressions," Gongloff said in the video. He also noted that, if nothing changes, it won't take long before it catches up to the $13 trillion damage of the Great Recession.
What's driving this massive tab? Higher insurance costs, storm cleanup, and rebuilding.
"These economic impacts are definitely being undercounted," Gongloff said.
He mentions that the numbers don't even include lost lives, long-term health problems from heat waves and wildfire smoke, or the opportunities missed when cities have to rebuild instead of investing forward.
One study he highlights, from the National Bureau of Economic Research, estimated that an increase in global temperature of just 1 degree Celsius, or 1.8 degrees Fahrenheit, would shrink the world economy by 12%.
"That means the 3 degree path we're on right now would mean a global economy that's poorer by one-third," Gongloff said.
And if that still sounds distant, think again. Gongloff said over 60 top climate scientists just warned we've only got three years left to limit global warming to 2.7 degrees Fahrenheit. After that, the damage curve gets even steeper. The scientists stress the need to stop burning fossil fuels and boost protections for communities already facing disaster.
Yet, instead of making changes, "Trump and his fellow Republicans are doing the opposite, all in the name of helping the economy and keeping energy prices low," Gongloff said.
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Definitely 👍 He pushes back, saying these moves won't help people at all — they'll just make us "sicker and poorer while making energy even more expensive."
Comments on the video echo that frustration.
"Few people are doing all they can," one viewer wrote. "The rest are acting as if it's business as usual."
Another added, "Big money doesn't care because they believe they can escape it."
And a third kept it simple: "I didn't fall asleep. Grateful for your update!!"
Every person can play a role in slowing down the negative effects of an overheating planet. Switching to an EV or installing solar panels can reduce reliance on dirty energy sources, leading to healthier air quality while saving you money on vehicle maintenance, fuel, and electric bills.
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