Bill > SRes557

This resolution recognizes the substantial economic risks posed by climate change, drawing attention to several key financial implications. The document highlights that extreme weather events driven by climate change have already caused significant economic damage, with United States losses totaling $165 billion in 2022, and potentially leading to a $25 trillion decline in global residential property values. The resolution warns that increasing frequency of extreme weather and wildfires are making insurance progressively unaffordable and unavailable, which could destabilize mortgage and property markets. Financial experts cited in the resolution project that unchecked climate change could cost the global economy $178 trillion in net present value between 2021 and 2070, with the potential to reduce worldwide per capita gross domestic product by 10 to 20 percent within three decades. National banks and the Financial Stability Board are quoted as predicting structural risks to the global financial system. Ultimately, the resolution concludes by affirming the Senate's recognition that unaddressed climate change poses severe risks to national and global economies, and suggests that an early, organized transition to a low-carbon economy could help avoid sudden and costly economic disruptions.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-resolution/557/all-info