COP28: How much does loss and damage from climate change cost?

livemint.com:

COP28 climate summit hit its "first major milestone" on November 30, by operationalising the "Loss and Damage" fund. "This fund will support billions of people, lives and livelihoods that are particularly vulnerable to the effects of climate change," COP28 President Dr Sultan Al Jaber said.

The "loss and damage" refers to the estimated economic, non-economic and ecological losses caused due to ongoing and future impacts of climate change. "This includes losses and damages due to rapid onset extreme weather events such as floods and tropical cyclones and slow onset changes such as sea level rise and drought," the Centre for Science and Environment explains.

ALSO READ: COP28 presidency mobilizes $2.5 bn to support food-climate agenda "The world is estimated to be $1.5 trillion poorer than it would have been without climate change," according to a report titled 'Loss and Damage Today: How climate change is impacting output and capital'. This report was released by the University of Delaware.

According to the report, "Low and middle-income countries have experienced $2.1 trillion in produced capital losses due to climate change." ALSO READ: COP 28 Dubai summit begins today: A deep dive into India's role and challenges at climate summit Meanwhile, the Centre for Science and Environment (CSE) data estimates that by 2030, the total estimate of loss and damage for developing countries could be between $290 billion and $580 billion from all the impacts of climate change. "This could increase to $1-1.8 trillion by 2050," it added.