After three decades of derailing the discussions on the loss and damage (L&D) faced by developing countries and the establishment of a funding mechanism to compensate for the same, the UN climate negotiations have reached a momentous conclusion. However, contentious questions remain in the long road ahead towards climate action.
Despite the fact that the world is facing the brunt of the rapidly escalating impacts of climate change, mitigation and adaptation actions are advancing at a slow pace. As a consequence, developing countries that may have contributed minimally to GHG emissions are experiencing severe losses and damages occurring due to climate change. These losses include destroyed homes and infrastructure, ruined croplands and livelihood, and vanishing cultural heritage which are now categorised as economic and non-economic losses. The economic costs of loss and damage in the Global South are expected to reach US$1-1.8 trillion by 2050.