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Last summer's brutal heat wave in Europe caused crops to wilt, rivers to dry up, and workers to stay indoors to escape the scorching temperatures.
The economic blow was expected to cause prices to rise even further, magnifying inflation sparked by the Ukraine war, although experts at the time were reluctant to quantify by how much.
The numbers are in now, but even though climate change had a measurable impact on prices last year, it's nothing compared to how much warmer temperatures, natural disasters, and unpredictable weather patterns will affect inflation a decade from now, per a report published last week by the European Central Bank and the Potsdam Institute for Climate Impact Research.
Europe's high temperatures last summer increased food inflation on the continent by 0.67 percentage points, but the same conditions would be amplified by 50% in 2035 under current projections for weather extremes a decade from now, according to a report published last week by the European Central Bank and the Potsdam Institute for Climate Impact Research.
It gets worse: Without unprecedented investments to adapt to the new reality through innovation, climate change could add one percentage point to global inflation every year between now and 2035.
The worst effects would be reserved for food prices, which could rise by over 3% every year as higher temperatures decimate the world's crops Read the Entire Article
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Foundation: Marguerite Casey Foundation, Marguerite Casey Foundation, Kresge Foundation
Stephen Stephens' father died of cancer when he was 53, and his message to young people has stayed with him. "Always do the right thing son," he tells Fast Company. "That message has always...more
Foundation: Indianapolis Foundation
Lynne Arriale's new album, Being Human, is all about "people who exemplify Passion, courage, love, curiosity, and other human qualities," the Florida pianist tells Rita Kohn of the Indianapolis...more
"If the class register were anything to go by, education would be one of modern civilization's greatest success stories." That's what Peter Wilson, a member of the UBS Accelerate Collective, had...more
Foundation: Gates Foundation
Melinda French Gates is stepping down as co-chair of the Bill & Melinda Gates Foundation, which she founded with her ex-husband Bill Gates more than 20 years ago. As part of an agreement made...more
Ahmad Al-Mallahi is a professor of agricultural engineering and sensing technologies at Dalhousie University in Halifax, Canada, and he's spent the past five years developing technology that could...more
Deforestation in south-east Asia could slash the region's GDP by 35%, according to a new report from Reuters. And that's not all. The report also finds that $100 billion pledged to fight...more
"At a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere." So says the head of the African Development Bank in praising...more
The People's Bank of China says it will start allowing people in China to use the country's new digital currency, the Digital Yuan, to buy goods and services starting next month, the BBC...more
When it comes to corporate social responsibility, India's government and public sector companies are at the top of the list. But when it comes to companies of all sizes, they're at the bottom,...more
The world's biggest state investors are getting into the business of making positive social and environmental impact investments. Singapore's Temasek Holdings, one of the world's largest state...more
Social Entrepreneurship
Spotlight
Celebrity Chef Jamie Oliver Backs Social Saturday
UK will be celebrating its first national celebration of social enterprises dubbed as Social Saturday. World famous celebrity chef Jamie Oliver, who founded the Fifteen restaurant chain.
