Arab Steel Summit
Arab Steel Summit
Arab Steel Summit

Trillion-dollar cost of climate changes globally in 2023

The Information and Decision-Making Centre of the Council of Ministers has published a vital report on the effects of climate change. It confirmed that in light of the continuing impacts of climate change around the world, the cost is expected to reach one trillion dollars next year so that the world will witness another year of climate changes that destroy homes, crops, disrupts the movement of the freight and threatens the lives of the citizens.

The report was based on data from the Aon Data and Research Company. It indicated that the world would suffer due to lower temperatures in some parts of the Pacific Ocean and higher in other parts of it, as well as changes in the circulation of the tropical atmosphere, such as winds, pressure and rainfall.

For his part, Michael Pinto, president and founder of Pento Portfolio Strategies of consultancy, said that these phenomena essentially exacerbate existing problems; it increases energy and food prices and increases inflation rates, which negatively affects the global economy.

The rise in greenhouse gases in the atmosphere increases the likelihood of many atmospheric climate changes and temperature instability in the Pacific Ocean until January 2023 by 80%, said Richard Seger, a research professor at Columbia University.

According to data and research company, Aon, climate change cost the world $268 billion in 2020 and $329 billion in 2021.


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About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.


92 Members

28 Board of Directors

17 Country

300.000 Employees

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