12/1/2023 0 Comments Unpacking cost![]() The paper showcases that currently established initiatives are inadequate to address the scale and scope of the needs and urges more focus on approaches to address irreversible losses which cannot be recovered including migration and displacement – at all levels. Briefing paper 2 in the series on unpacking finance for Loss and Damage looks at what vulnerable developing countries have identified as their needs in order to address loss and damage from the escalating impacts of climate change, such as adequate climate information services, risks and needs assessments as well financial tools to support social protection schemes. Though many countries are already incurring loss and damage - including high income economies - vulnerable developing countries remain the most vulnerable and exposed to loss and damage from climate change impacts. This was an important milestone as developing countries have long stressed that loss and damage refers to climate change impacts that are “beyond adaptation”. In 2015, at COP 21, Loss and Damage was included as a distinct article in the Paris Agreement, separate from adaptation. Loss and Damage became officially recognized at COP 19 in 2013 after the catastrophic effects of Typhoon Haiyan (also known as Super Typhoon Yolanda) on the people of the Philippines made it apparent that vulnerable developing countries required significant levels of support in the face of such widespread devastation. ![]() The three briefing papers highlight the need to make progress, both outside and inside the negotiations under the UNFCCC. ![]() By 2050 the economic cost of loss and damage in developing countries is estimated to be between USD 1 to 1.8 trillion. Just the projected economic cost of loss and damage by 2030 alone has been estimated to be USD 400 billion a year by one study and between USD 290 and 580 billion in another in developing countries alone. Loss and damage includes permanent and irreversible losses such as to lives, livelihoods, homes and territory, for which an economic value can be calculated and also to non-economic impacts, such as the loss of culture, identity, ecosystem services and biodiversity, which cannot be quantified in monetary terms. It has both economic and non-economic costs and results from both extreme weather events like hurricanes and floods and slow onset climatic processes such as sea level rise, glacial retreat and salinization. Loss and damage has been defined as the impacts of climate change which are not avoided by mitigation, adaptation and other measures such as disaster risk management. This series of three briefing papers seeks to raise awareness of loss and damage and the spectrum of policies and approaches to address them as well as advocate for greater financial support for addressing loss and damage in vulnerable developing countries.
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