Funding needed for climate disasters has risen ‘more than ‘ in years
Only about 50% of the money needed to fund climate change disasters is coming from wealthy countries. That means that the rest of the world is picking up the bill. And the cost of climate change is rising every year. In 2017, the last full year available, climate disasters caused an average of $1.4bn per month in damages. That number is expected to rise to $3.5bn per month by 2030.
Poor countries have asked rich nations for billions of dollars in aid every year since 2005, but have only received about half of what they need. Rich countries have pledged to give $100 billion a year by 2020, but less than 10% of that has actually been given. Poor countries have also asked rich countries to pay for loss and damage caused by climate change, but only receive about $10 billion per year. Rich countries have promised to pay for loss and damages, but only about $20 billion has been paid out.
He said, “Rich countries are not only not providing enough aid when natural disasters strike. They’re also not keeping their promise to provide 100 billion dollars a year to help developing nations adapt to the changing climate.” He added, “They’re also blocking calls for finance to assist them recover from impacts like land that becomes unusable and infrastructure that gets destroyed.”
“Climate change is already affecting us all. We must act now to protect our children and grandchildren from the devastating impacts of climate change. We cannot afford to wait any longer.”.
Campaigners say that the UK government has cut aid to climate disaster stricken countries before COP26.
Rich countries blocked attempts at the COP23 to set up a financial system to cover claims for loss or damage. This issue will re-surface in the Bonn talks next year. UN climate chief Patricia Espinosa said on Monday that the “time has come to address loss and damages in an open, constructive and respect manner”.
In a sign that the issue had risen up the global agenda at COP26, a G7 foreign minister’s statement last month mentioned loss and damage for the very first time. The statement also included a nod to the need for an international agreement on loss and damage. A German ambassador to the UN said there should be a “new global shield” for climate change.
In recent years, extreme weather events have become more frequent and intense. Climate change is causing an increased frequency and intensity of droughts, floods, heatwaves, storms and other natural disasters. These events are becoming more severe and costly. As a result, the number of people affected by them is increasing.
In 2017, an estimated 1.2 million Somalis were displaced due to severe weather events, including heavy rains, floods and landslides. More than half a million people are living in emergency shelters across the country, according to the UN. An additional 2.6 million people require humanitarian assistance.