COP28 is in the spotlight right now. COP28 in Dubai 2023 has sparked a lot of things but the biggest thing it has sparked is “Loss and Damage Funds”. In this article, we are going to learn how much loss and change from climate change cost. It has been reported that the world is estimated to be $1.5 trillion poorer than it has been without any climate change. This has been disclosed after a study released by the University of Delaware. So to know everything about the COP28 discussion regarding loss and damage topic, just read this article without missing any single line.
According to the latest reports, at this time a lot of countries in this world are facing economic loss. Those economic losses are worth more billions and it is happening because of the extreme weather conditions and climate change in the past few years. So now to help in developing the poor countries cope with the climate crisis. the COP28 climate summit has come forward. It has now hit the first major milestone on 30th November 2023, Thursday officially as a new fund has been raised which is the “Loss and Damage” fund. Continue reading this article in the next paragraph.
The President of COP28, Dr. Sultan AI Jaber has claimed that this fund is going to support billions of individuals. lives, and livelihoods which should be vulnerable to the effects of climate change. First, if we look at what is loss and damage. So the loss and damage refers to the estimated economic, non-economic, and ecological losses which has been caused because of the ongoing and future impacts of climate change. The Centre for Science and Environment has explained that loss and damage happen because of the sudden and rapid onset of extreme weather events for example heavy floods and tropical cyclones and slow onset changes like sea level rise and drought.
It has been announced that the world is estimated to be $1.5 trillion poorer and it is despite climate changes. reports have showcased that the low and middle-income countries have experienced around $21. trillion which has produced capital losses because of climate change. The Centre for Science and Environment has related data that has shown that by 2030, the estimates and damage to developing countries are going to be between $290 billion and $580 billion from every single impact of climate change. It has been pledging that countries are going to contribute $400 million for the loss and damage, which UAE alone has offered $100 million.