Climate change is pushing our planet into a new state, slowly increasing temperatures and related impacts and rapidly changing the probability of extreme events. The likelihood for extreme climate and weather events has been growing, with extremes increasing in magnitude and strength around the globe. Unprecedented events are emerging in recent years, never seen in our observational records. In 2022, extreme climate and weather events caused $165bn in damages in the U.S. Both chronic and acute physical risks have the potential to increase the exposure of people and property. A new climate-aware economy is developing around both climate mitigation and adaptation. NOAA science and technology fundamentally inform our understanding and support this growth.