Maryland Faces $27 Billion Climate Change Price Tag by 2040

According to Maryland Comptroller Brooke Lierman, climate change has already cost the state between $10 billion and $20 billion in cleanup efforts following 85 extreme weather events that have hit the state since 1984. However, Lierman warns that failing to prepare for continuing changes would cost the state far more in the future.

Lierman's remarks came at a symposium on climate health and policy in Maryland, where researchers and student interns presented findings on how the changing climate is affecting individual and public health. Data from the National Oceanic and Atmospheric Administration confirms that climate change has already cost Maryland $10 to $20 billion. Additionally, the Chesapeake Bay, which has risen by a foot in the last century, is projected to rise 5 feet over the next 100 years.

While the state plans to reduce carbon emissions with $8 billion in new investments by 2031, Lierman cautions that more frequent and intense heat waves are increasing the risk of heat-related illnesses for Marylanders. She also notes that extreme weather events take a toll on homeowners, businesses, and farms, and can lead to rising insurance premiums or the inability to obtain coverage in coastal areas.

Lierman emphasizes that climate change is not just an environmental issue, but also an economic, justice, and health issue. Low-income communities and communities of color are bearing the brunt of these events, as they may lack the resources to evacuate or recover quickly. Extreme climate events are projected to cost the state another $27 billion by the year 2040, and Lierman warns that the longer the state waits to act, the more expensive it will become.