"The Climate Economy: 2025 Outlook" report from Bloomberg Intelligence reveals that the U.S. spent nearly $1 trillion on climate damage in just one year—that's more than 3% of the U.S. GDP!

The report also shares a number of other key findings, including:

• Increasing costs are being driven by higher insurance premiums and repair, restoration, and recovery efforts;
• Federal spending has gone way down and now only makes up around 2% of climate-related costs, often leaving hard-hit communities to issue general debt; and
• Climate costs have been responsible for 36% of GDP growth since 2000, bringing benefits to at least 100 companies while stealthily increasing costs for consumers.