PARIS, JULY13: As floods and hurricanes wreak devastation throughout the world, countries on the front lines of climate change have warned they cannot wait another year for long-sought aid to recover from disasters. The appeal was made during the “loss and damage” fund conference, which ended on Friday. East Timor board member and seasoned negotiator for the world’s poorest countries Adao Soares Barbosa told AFP, “We cannot wait until the end of 2025 for the first funds to get out the door.”
The UN COP28 summit in November of last year saw nearly 200 countries come to an agreement to establish a fund tasked with providing aid to developing nations so they can recover after climate disasters. The second meeting of the loss and damage fund took place in South Korea this week, while Hurricane Beryl wreaked havoc throughout the Caribbean and North America. Barbados-based board member Elizabeth Thompson called for expedited action, claiming that Hurricane Beryl alone was responsible for “apocalyptic” devastation totaling “multiple billion dollars.”
Rich countries have contributed about $661 million to the loss and damage fund thus far. A further $7 million was provided by South Korea prior to this week’s summit. Rebuilding after climate-related disasters may cost developing nations more than $400 billion a year, according to some estimates. According to one analysis, the worldwide bill will increase after 2030, from $290 billion to $580 billion annually. For instance, in 2022, Pakistan experienced severe floods that resulted in losses and damages above $30 billion, as per an assessment supported by the United Nations.
