This year's so match extreme weather through out the world served as a stark reminder that the world has reached some of the tipping points climate scientists have been warning us about.
After decades of slow progress on climate action and climate protection with political leaders dragging their feet on finance or debating whether climate change is even real, this year's extreme weather served as a stark reminder for everyone.
Only a few of the tragic events that will influence the conversation about climate finance, and particularly about climate reparations, at the upcoming COP27 climate summit in Egypt include the more than 1,700 fatalities in Pakistan's floods and the 4,000 casualties brought on by drought and floods throughout Africa.
According to Saleemul Huq, head of the Bangladesh-based International Centre for Climate Change and Development, some of these fatalities would have been prevented if nations had worked more to reduce their carbon emissions and enhance their adaption plans.
Sadly, though, we haven't done enough, he says.
When people are losing their lives, their means of support, and their homes, adaptation is no longer an option.
The NGO Oxfam found that the demand for financial assistance following weather disasters has increased eight-fold since 20 years ago and that the financing gap is ever-growing.
When compared to the cost of "loss and damage" following recent disasters like the $45 billion in damage caused by the 2021 Europe floods or the 2017 Hurricane Maria, which destroyed the equivalent of 226 percent of Dominica's gross domestic product, Oxfam estimates a gap of up to $33 billion over the previous five years (GDP).
According to Spanish researchers, the cost of loss and harm to emerging nations alone may top $1 trillion by 2040. Rich economies responsible for the majority of previous emissions and ongoing global warming have steadfastly avoided the subject of who pays the cost for years.
However, at the COP27 summit from November 6 to 18, things might change.
Representatives from 30 negotiation parties participating in the UN climate change framework met in September to discuss the topic of loss and damage, which is the diplomatic term for the irreparable environmental harms brought on by significant climate effects.
In order to examine topics including timing, scope, and location of funding as well as prospective sources and eligibility requirements for receiving help, the delegates were successful in getting finance for loss and damage included in the provisional agenda for this year's COP.
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