In the last two decades, natural disasters and extreme weather events triggered by climate change have cost Germany €145 billion (£123.6bn).
That’s according to a study published by the nation’s Ministry for Economic Affairs and Climate Change.
Since 2000, climate change has cost the German government €6.6 billion (£5.6bn) each year, the study reveals.
Environment Minister Steffi Lemke reflected: “The numbers sound the alarm for more prevention when it comes to the climate.”
The study has been released during the ongoing Petersberg Climate Dialogue in Berlin, in which 40 different countries are being represented by senior officials to discuss the best means for action before COP27 and how to ensure heatwaves like the one currently surging throughout Europe don’t become the norm.
Germany will announce a new means of addressing climate risk financing and insurance for developing nations, its Development Ministry has suggested, as Foreign Minister Annalena Baerbock declared at the meeting: “We are all in the same boat, which means that we can only turn the tide together.”
The fact that climate change has cost Germany so dearly in the last 20 years has come to a shock to many ministers, who are stating this data should be used to show there can be no excuse in quashing carbon emissions.
Chancellor Olaf Scholz said: “No one can be happy with the fact that the share of coal-fired electricity generation is rising, with us as well. This makes it all the more important that we make completely clear – this is a strictly limited temporary emergency measure that will not be at the expense of our climate targets.”