This chapter explores the economic costs of climate change and strategies for mitigating these impacts. It examines the diverse and significant financial burdens associated with climate related disasters, disruptions, and long-term environmental changes. The chapter outlines key areas of concern, including regional and sectoral variations in economic costs, and the use of economic models and methods to assess these impacts. It discusses various mitigation strategies, such as transitioning to a low-carbon economy and enhancing climate resilience and emphasizes the importance of international cooperation in addressing global climate challenges. The chapter concludes with an outlook on future developments and the implications for practical, managerial, ethical, and societal dimensions. Effective climate action requires comprehensive, collaborative approaches and a commitment to sustainability and equity.