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Clarified: Who pays the cost of climate change?

The global temperature is rising, leading to widespread changes in weather patterns. Who stands to lose the most to the resulting climate crises? And whose responsibility is it to try to stop it?

Clarified: Who pays the cost of climate change?

The global temperature is rising, leading to widespread changes in weather patterns. Who stands to lose the most to the resulting climate crises? And whose responsibility is it to try to stop it?

Droughts, floods, hurricanes, the world is experiencing widespread changes in weather patterns but who is it happening to who suffers the most and who is ultimately responsible for fixing it? This is clarified. The Intergovernmental panel on climate change's latest climate report carries grave news right now. The earth has warmed 1.1 degrees Celsius above pre industrial levels and we are not headed in the right direction. If we want to limit global temperature increase to 1.5 degrees Celsius emissions will have to be slashed in half in the next seven years and to keep temperatures within two degrees Celsius emissions will have to be reduced by 21% by 2030. The difference between 1.5 degrees and two degrees. Warming is stark with two degrees, bringing longer and more extreme heat waves, droughts, less clean water and widespread biodiversity loss. According to carbon brief, so far, cutting emissions that drastically doesn't look very promising. In fact, in 2019 emissions globally were 12% higher than in 2010. And it shows in the reality of life for millions of people around the world, the negative effects of rising temperatures are becoming increasingly hard to ignore, causing widespread changes in weather patterns. According to the US Environmental Protection Agency in Florida, the damage left behind from deadly hurricane Ian devastating with historic floodwaters pulling back in eastern Kentucky. Fears are becoming reality. The death toll climbing as expected. New Mexico is one of the southwestern states trapped in *** decades long mega drought, something not seen since at least the 15 hundreds, not just deadly. These disasters are expensive, too extreme. Weather events cost the USA $165 billion in 2022 according to the National Oceanic and Atmospheric Administration. And unfortunately, the catastrophic events of changing weather patterns don't hit everyone equally in the US. For instance, the most vulnerable are often hit. The hardest members of ethnic minority groups are disproportionately at risk. More likely to suffer from the effects of sea level rise, childhood asthma and mortality from extreme temperatures when you zoom out to *** global scale. The picture looks very bleak for the developing world. The country's most vulnerable are largely based in Africa and Southeast Asia. These countries have the smallest capacity for adapting to its consequences. They've also contributed the least to climate change by way of emissions and fossil fuel burning. Take Pakistan last summer, it started raining and wouldn't stop devastating floods affected 33 million people in the country. 1700 people died and about eight million lost their homes. *** quarter of the country is still under water as of December 2022. As *** nation, it is on very little to contribute to climate change, producing just 0.3% of cumulative global emissions. The US on the other hand accounted for 24% of global emissions. Developing countries are pushing back on this imbalance, demanding help from the biggest emitters. Their calls for equity were heard at the 2022 UN Climate Summit cop 27. After decades of discussion, the delegates representing almost every country came to *** final agreement. An exhausting all night negotiating session led to the establishment of *** loss and damages fund meant for the most vulnerable countries to access financial help to help weather climate crises and recover from disasters. The key sources of the funding is still being ironed out. Some suggest the fund could be partly supplied via heavier taxes for fossil fuel companies. Governments have yet to pledge money to the fund. Leaders on the committee of the fund met in March and are due to meet throughout 2023. To finalize details. There aren't clear signs that wealthy nations will step up beyond *** written promise, the price of reducing emissions and limiting warming to two degrees Celsius now is far cheaper than the cost of inaction. The cost of doing nothing. *** report from the International Federation of Red Cross suggests that by 20 5200 million people *** year could need international aid and funding could cost billions annually at cop 27 Sheri Rahman. The climate change Minister of Pakistan said this is not about accepting charity, this is *** down payment on investment in our futures and in climate justice.
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Clarified: Who pays the cost of climate change?

The global temperature is rising, leading to widespread changes in weather patterns. Who stands to lose the most to the resulting climate crises? And whose responsibility is it to try to stop it?

Hurricane Ian, heavy flooding in Kentucky and a yearslong mega-drought raging on in the Southwest — climate change is making its effects known in the U.S. Last year, those crises devastated communities, took lives and cost the government hundreds of billions of dollars. As the consequences of climate change continue to get more severe in the U.S. and around the world, some groups of people stand to lose more than others, despite contributing the least to the problem. Evidence is hard to ignoreThe latest report released by the Intergovernmental Panel on Climate Change reveals that in order to hit our climate change targets, emissions have to be dramatically reduced. The Paris Climate Agreement, signed by 196 countries, has the goal of keeping global temperature increase well below 2۫ degrees Celsius with efforts placed to keep warming to 1.5 degrees Celsius. Currently, global temperatures have risen 1.1 degrees Celsius above pre-industrial levels of the 1750s. In order to keep warming below 1.5 degrees Celsius, emissions would have to be halved in the next seven years, a feat that looks very unattainable at the world’s current trajectory. Surpassing the 1.5 degrees Celsius threshold would mean the world would see more extreme weather, including longer droughts, widespread biodiversity loss and a lack of clean water. These events are costly too, not just in terms of livelihoods and community, but also financially. The U.S. spent $165 billion in 2022 responding to climate-related disasters, according to the National Oceanic and Atmospheric Administration.Who suffers the most?The devastating effects of climate change aren’t dished out equally, though. Unfortunately, the most vulnerable people are hit the hardest. In the U.S., the Environmental Protection Agency showed that members of ethnic minority groups are most at risk of suffering the consequences of sea level rise, childhood asthma and premature mortality from extreme temperatures. The same pattern holds throughout the rest of the world, with countries in Africa and Southeast Asia most vulnerable to the effects of climate change. Countries in those regions have the least ability to adapt to climate change and are also in regions that will be the hardest hit. Unfairly, these counties have also contributed the least to climate change in terms of fossil fuel and CO2 emissions. A good example of this climate injustice is Pakistan. In the summer of 2022, the country suffered some of the most severe flooding on record. After extreme heat waves and temperatures reaching 120 degrees Fahrenheit, the monsoon rainfall hit in June. The dry ground struggled to take in the water and created flash floods, destroying crops, taking the lives of 1,700 people and displacing 8 million. It’s estimated that the floods affected one in seven people in the country, and as of December 2022, a quarter of the country was still underwater. As a country, Pakistan has contributed 0.3% of cumulative global emissions since the industrial revolution. The U.S., on the other hand, accounts for 24% of all historical emissions globally. The Loss and Damages FundAt the most recent U.N. Climate Summit, the 2022 COP27 meeting, developing countries won a major battle against climate injustice. For years, a group of the most vulnerable nations demanded help from the historically biggest polluters like the U.S., Europe and the U.K. At COP 27, a deal was reached to establish a “loss and damage” fund which would subsidize developing nations, helping them react to climate-caused disasters. The fund faced initial resistance from the U.S. and Europe, but after an all-night negotiating session between delegates of the nations, the fund was agreed to. The sources of the funding are still in discussion. The U.N. Secretary-General Antonio Guterres suggested that one source of funding could come from windfall profit taxes on fossil fuel companies.Although countries may be hesitant to pay into the fund, the cost of inaction is far more inconvenient and deadly. It is estimated that without serious, immediate action, by 2050, 200 million people a year could need international aid, and funding that would cost billions. At the COP27 conference, Pakistan’s climate change minister, Sherry Rehman, said, “This is not about accepting charity. This is a down payment on investment in our futures, and in climate justice.”

Hurricane Ian, heavy flooding in Kentucky and a yearslong mega-drought raging on in the Southwest — climate change is making its effects known in the U.S. Last year, those crises devastated communities, took lives and cost the government hundreds of billions of dollars. As the consequences of climate change continue to get more severe in the U.S. and around the world, some groups of people stand to lose more than others, despite contributing the least to the problem.

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Evidence is hard to ignore

The latest report released by the Intergovernmental Panel on Climate Change reveals that in order to hit our climate change targets, emissions have to be dramatically reduced. The Paris Climate Agreement, signed by 196 countries, has the goal of keeping global temperature increase well below 2۫ degrees Celsius with efforts placed to keep warming to 1.5 degrees Celsius. Currently, global temperatures have risen 1.1 degrees Celsius above pre-industrial levels of the 1750s. In order to keep warming below 1.5 degrees Celsius, emissions would have to be halved in the next seven years, a feat that looks very unattainable at the world’s current trajectory. Surpassing the 1.5 degrees Celsius threshold would mean the world would see more extreme weather, including longer droughts, widespread biodiversity loss and a lack of clean water. These events are costly too, not just in terms of livelihoods and community, but also financially. The U.S. spent $165 billion in 2022 responding to climate-related disasters, according to the National Oceanic and Atmospheric Administration.

Who suffers the most?

The devastating effects of climate change aren’t dished out equally, though. Unfortunately, the most vulnerable people are hit the hardest. In the U.S., the Environmental Protection Agency showed that members of ethnic minority groups are most at risk of suffering the consequences of sea level rise, childhood asthma and premature mortality from extreme temperatures. The same pattern holds throughout the rest of the world, with countries in Africa and Southeast Asia most vulnerable to the effects of climate change. Countries in those regions have the least ability to adapt to climate change and are also in regions that will be the hardest hit. Unfairly, these counties have also contributed the least to climate change in terms of fossil fuel and CO2 emissions.

A good example of this climate injustice is Pakistan. In the summer of 2022, the country suffered some of the most severe flooding on record. After extreme heat waves and temperatures reaching 120 degrees Fahrenheit, the monsoon rainfall hit in June. The dry ground struggled to take in the water and created flash floods, destroying crops, taking the lives of 1,700 people and displacing 8 million. It’s estimated that the floods affected one in seven people in the country, and as of December 2022, a quarter of the country was still underwater. As a country, Pakistan has contributed 0.3% of cumulative global emissions since the industrial revolution. The U.S., on the other hand, accounts for 24% of all historical emissions globally.

The Loss and Damages Fund

At the most recent U.N. Climate Summit, the 2022 COP27 meeting, developing countries won a major battle against climate injustice. For years, a group of the most vulnerable nations demanded help from the historically biggest polluters like the U.S., Europe and the U.K. At COP 27, a deal was reached to establish a “loss and damage” fund which would subsidize developing nations, helping them react to climate-caused disasters. The fund faced initial resistance from the U.S. and Europe, but after an all-night negotiating session between delegates of the nations, the fund was agreed to. The sources of the funding are still in discussion. The U.N. Secretary-General Antonio Guterres suggested that one source of funding could come from windfall profit taxes on fossil fuel companies.

Although countries may be hesitant to pay into the fund, the cost of inaction is far more inconvenient and deadly. It is estimated that without serious, immediate action, by 2050, 200 million people a year could need international aid, and funding that would cost billions.

At the COP27 conference, Pakistan’s climate change minister, Sherry Rehman, said, “This is not about accepting charity. This is a down payment on investment in our futures, and in climate justice.”