The United States faces serious challenges in combating the climate crisis, US Senator Sheldon Whitehouse said at a press conference during COP29.
According to Report, Whitehouse emphasized that a huge portion of climate initiatives in the United States develops at the state and municipal levels.
He called for uniting efforts to achieve results.
Whitehouse emphasized that climate change also strongly affects the insurance market. According to him, the uncertainty caused by climate change will make property insurance extremely difficult in the future.
The senator said this is already observed in Florida, where housing insurance prices have increased fourfold.
Some companies have gone bankrupt, others have left the state, he said, adding that as a result, the state had to support alternative insurers to fill gaps in the market.
According to the senator, the deepening climate crisis will further aggravate the situation in developing countries, which feel the effects of climate change more acutely than developed nations.
He stressed the need to accelerate emission reduction measures, saying that emissions only deepen the climate crisis, which inevitably affects the economy, stability, and quality of life worldwide.
He said the number one task is to prevent the crisis from deepening. And this is where carbon pricing comes to help, Whitehouse said.