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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
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A customized collection of grant news from foundations and the federal government from around the Web.
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Social Entrepreneurship
Spotlight
Influencing Social Good Through Retail
When Hannah Davis traveled to China to teach English, she noticed how Chinese workers and farmers were often sporting olive green army-style shoes. Those shoes served as her inspiration to create her own social enterprise, Bangs Shoes.
