<
https://theconversation.com/its-the-big-issue-of-cop27-climate-summit-poor-nations-face-a-1trillion-loss-and-damage-bill-but-rich-nations-wont-pay-up-194043>
"The costs of climate-related disasters are growing and the poorest countries
are bearing the brunt of impacts, from the unprecedented floods in Pakistan to
the expanding famine in Somalia. Natural disasters in 2022 alone cost the
global economy an estimated US$227 billion.
Such disasters are driving calls at the COP27 climate summit this week for rich
countries to pay for the “loss and damage” poorer countries have suffered (and
continue to) because of climate change.
Loss and damage finance would help developing countries recover from climate
change fuelled disasters and economic losses, and could extend to non-economic
losses such as cultural destruction, displacement and health impacts. But this
type of funding has long been a sticking point at global climate change
negotiations.
As Mian Muhammad Shehbaz Sharif, prime minister of flood-devastated Pakistan,
pleaded this week:
How on earth can one expect from us that we will undertake this gigantic
task on our own?
A few nations have made loss and damage pledges so far at COP27, but the money
presently on the table is only a drop in the ocean compared to what’s actually
required. By 2050 the economic cost of loss and damage in developing countries
is estimated to be between US$1-1.8 trillion.
So why is loss and damage such a hot issue? And why is it only now that
developed countries are beginning to talk about it?"
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
