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What is ‘loss and damage’ finance?
View(s):‘Loss and damage’ refers to climate change induced disasters and negative impacts that people have not been able to adapt to.
Natural events such as floods which damage property and life are then the ‘losses and damages’ of that particular climate event.
The resounding cry that developed countries which progressed at the cost of the climate and are still the leading emitters of greenhouse gasses and other detrimental climate change-inducing activities, should compensate developing countries for their activities, is expanding with the call for compensation for damages that countries in the global south suffer from as a result.
‘Loss and damage’ finance can include reparations for which economic values can be calculated, such as lives, livelihoods, homes, and territory lost, as well as non-economic effects like the loss of identity, culture, ecosystems, biodiversity, and more.
‘Loss and damage’ finance refers to the compensation that would be paid to deal with the devastating impacts of climate emergencies and losses suffered.
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