The world\u2019s most vulnerable countries to climate change welcomed the decision at COP27 to create a fund to cover losses and damages, but reforms to global institutions are needed to make it truly impactful. For Africa, which is most exposed to climate change but least able to respond effectively, the functioning of the fund to cover losses and damages will be particularly important. The UN defines loss and damage as the negative consequences of climate change that occur despite or in the absence of mitigation and adaptation. These include economic impacts such as damaged infrastructure and declining agricultural production, as well as issues such as the displacement of communities and loss of biodiversity. These impacts are already being felt in Africa and will only increase in the coming years. This new financing mechanism will help address these negative impacts by creating a new source of financing that is distinct from adaptation to future climate risks or emissions mitigation. However, loss and damage should be seen as a synergy with adaptation financing, as faster recovery from climate shocks is key to building long-term resilience. Adaptation financing globally lags significantly behind mitigation (see below). A new agreement on loss and damage could help fill this multi-billion dollar gap, while failure would spiral the costs for developing countries. Researchers at the Basque Centre for Climate Change estimate that these costs will amount to between US$290 billion and US$580 billion by 2030.<\/p>\n
By Benjamin Hunter<\/em><\/p>","protected":false},"excerpt":{"rendered":" The world\u2019s most vulnerable countries to climate change celebrated the decision to create a fund to cover losses and damages at COP27, but reforms to global institutions are needed to make it have a real impact. For Africa, which is most exposed to climate change but has the least capacity to respond effectively, the functioning of the fund to cover losses and damages will be particularly [\u2026]<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2092","post","type-post","status-publish","format-standard","hentry","category-klimaticka-zmena"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/2092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/comments?post=2092"}],"version-history":[{"count":0,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/2092\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/media?parent=2092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/categories?post=2092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/tags?post=2092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}