How climate change impacts the economy'

The annual climate change conference, also known as COP29, kicked off this week in Azerbaijan. The UN Secretary General spoke about the urgency of this year's negotiations. The sound you hear is the ticking clock. We are in the final countdown to limit global temperature rise to 1.5 degrees Celsius and time is not on our side. Officials say the fingerprints of climate change are all around us. 2024 is on track to be the hottest year on record and there are more severe natural disasters happening. And now a recent report from the International Chamber of Commerce is shedding light on just how much it's costing the global economy. Joining us now with more, here's CBS News Los Angeles meteorologist and climatologist Marina Drurica. So Marina, how much money did this report find that we're actually losing because of these weather events? Well Lana, we are just getting a taste of 1.5 degrees centigrade warming and unfortunately it looks ugly. Not only the toll on life and property, but the cost to try and rebuild. Extreme weather related to climate change has cost the global economy more than two trillion over the last decade and has impacted more than 1.6 billion people. Impacts include the destruction of private and commercial properties, public infrastructures such as roads and energy sources, and the human impacts of loss of life and injury. Now check this out, in 2022 and 2023 alone, economic damages reached 451 billion, which is nearly 20 percent higher than the eight years previous as our warming world accelerates. Well I'm thinking about all these natural disasters that we've seen recently here in the United States. Hurricanes in Florida, in the Carolinas, wildfires out both on the east coast and the west coast right now. But this really gave us some global context. So tell us Marina, which countries saw the biggest losses? Well the biggest losses, Lana, were felt right here in the U.S. and you just mentioned a few of those extreme weather events. They totaled 935 billion dollars. Storms like Hurricane Harvey, which impacted Houston in 2017, was the most expensive climate related disaster, costing over 118 billion. China, India, Japan, and Puerto Rico round out that top five. And it's no surprise that these are the top countries for economic impact as they are places with large populations and big economies that have climate reporting agencies. So how will this report then impact the U.N. climate negotiations that are taking place in Azerbaijan right now? So imperative. This report shows us the importance for all countries to do whatever they can to reduce emissions and adhere to the commitment of the Paris Agreement to hold global warming to 1.5 degrees Celsius. 2024 is already set to be the hottest year on record and if the global community continues with this trend, we anticipate an increase in temperature up to 3.1 degrees Celsius by the end of the century. It is technically possible to hold global warming to that 1.5 degrees but it requires aggressively cutting greenhouse gas emissions by 57 percent by 2035 to remain on this track. Now I hope that we can find spaces like the COP to have conversations on a global and local level about what the most constructive path forward is despite the challenges that continue to grow. We need to find a common basis in this shared reality that we are all living in. I've always taken a personal pride as a climatologist to educate people so they can understand weather and climate and how we need to work through a warming world together. Lana, it's the only path forward. All right, Marina Jerica, thank you.