Extreme weather events caused by climate change have resulted in a global cost of at least $41 billion since the 28th Conference of the Parties (COP28).

New report shows $41 billion in global damages from extreme weather events since December's COP28 climate talks, highlighting the impact of climate change in India.

June 11th 2024.

Extreme weather events caused by climate change have resulted in a global cost of at least $41 billion since the 28th Conference of the Parties (COP28).
In India, the effects of climate change have become increasingly apparent as the scorching heat continues to affect millions of people. According to a recent report by the UK-based NGO Christian Aid, extreme weather events have resulted in over $41 billion in damages since the international climate talks in Dubai last December. This alarming figure highlights the urgent need for action to address the impact of climate change.

The report also sheds light on the devastating consequences of extreme weather events in the past six months. It states that these events have been intensified and made more likely by climate change, resulting in the loss of over 2,500 lives. Christian Aid emphasizes that not enough progress has been made since the COP28 in the UAE to transition away from fossil fuels or to support lower-income countries in dealing with climate-related disasters.

As the second week of mid-year climate talks in Bonn begins, the report serves as a stark reminder that the costs of the climate crisis are already being felt. Christian Aid urges developed countries to take responsibility for their role in contributing to the greenhouse gases that are heating the atmosphere and fueling extreme events. They are called upon to increase their funding to the Loss and Damage Fund, which was agreed upon at the UN climate negotiations in Dubai in December. This fund aims to address the disproportionate impact of climate change on poor communities in the Global South.

However, the $41 billion in damages reported by the charity is just the tip of the iceberg. The actual figure is likely to be higher as only insured losses are typically reported, and many of the worst disasters occur in countries with low insurance coverage. The report also highlights that the human cost of these disasters is not fully captured in these figures.

The report provides specific examples of how extreme weather events have been exacerbated by climate change. For instance, floods in Brazil that claimed 169 lives and caused $7 billion in damages were made twice as likely by climate change. Similarly, flooding in South and Southwest Asia, which resulted in the death of at least 214 people and insured damages of $850 million in the UAE alone, was also made more likely by climate change. The report also mentions the devastating impact of simultaneous heatwaves in West, South, and Southeast Asia, which killed over 1,500 people in Myanmar alone. It highlights how heat deaths are often underreported and states that these heatwaves would have been impossible without the influence of climate change.

The report stresses the need for immediate action to address the climate crisis. It states that in Southeast Asia, the heatwave would have been impossible without climate change and was made five and 45 times more likely in South and West Asia, respectively. The effects of cyclones in East Africa, which claimed 559 lives, were also exacerbated by climate change. The report warns that if we continue to rely on fossil fuels, the situation will only worsen.

Mariana Paoli, Christian Aid's Global Advocacy Lead, who hails from Brazil, urges developed countries to take bold and creative steps to address the climate crisis. She emphasizes the need to tax polluters and the super-rich to finance genuine climate action. She also calls for the cancellation of historic debt owed by poor countries to rich countries and redirecting those funds towards improving climate equity.

The report also highlights the global commitment to limit the rise in global average temperature to well below 2 degrees Celsius and preferably to 1.5 degrees Celsius. However, this requires a significant reduction in greenhouse gas emissions, which is not possible without the support of developed countries. The Intergovernmental Panel on Climate Change has stated that the world needs to reduce emissions by at least 43% by 2030 and at least 60% by 2035 to limit warming to 1.5 degrees Celsius. Developed nations argue that they cannot be expected to make these drastic reductions without enhanced financial support from developed countries.

The report concludes by highlighting the importance of reaching an agreement on a new climate finance goal at the United Nations climate conference in Baku, Azerbaijan, in November. This new goal, called the New Collective Quantified Goal, requires developed countries to mobilize a specific amount of funds every year from 2025 onwards to support climate action in developing countries. While developed countries have repeatedly failed to meet their promise of providing $100 billion annually from 2020, it is hoped that they will raise more funds to support climate action in developing countries.

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