Heatwaves, wildfires, droughts, and storms cost the world more than $120bn in 2025 and fossil fuel companies are playing a central role in driving this crisis according to a new report by Christian Aid.
The 22-page "Counting the cost 2025" report said the cost of climate inaction is equally clear, as communities continue to bear the brunt of a crisis that could have been averted with urgent action to reduce greenhouse gas emissions.
The report also identifies the 10 most expensive and impactful climate disasters of the year 2025, each causing over $1bn in damage. Among these, the Palisades and Eaton wildfires in California alone cost more than $60bn. The combined loss of these 10 disasters is more than $122bn. Most of these estimates are based only on insured losses, meaning the true financial costs are likely to be even higher, while the human costs are often uncounted.
Also examined are 10 other significant extreme events that didn't cause big enough insured losses to make the top 10 but that, nevertheless, caused massive human and environmental damage, with the greatest toll felt in the world's poorest countries, where many people don't have insurance and where data is less available.
Christian Aid has said urgent action is required to cut emissions and ramp up support for vulnerable communities. It said the impacts of these disasters can be mitigated with the right steps.