A new CMCC article published in the journal Nature Reviews Earth & Environment uses the latest research developments in climate economics to inform and strengthen evidence on the costs and importance of Loss & Damage
Loss & Damage It is a relatively new topic in climate forecasting which, however, continues to grow in importance. This article considers, in general, the negative effects that may appear in vulnerable developing countries, due to both extreme events and what is called “quick onset” when after all they are cut and moved.
This is a topic that comes to the mind of the climate policy, especially after the decision to create a financial system, confirmed at COP27, and worked at COP28. Although the original pledges of the agreement exceeded $700 million, the vagueness of the concept of L&D and the lack of a clear system has led to a great deal of uncertainty about the extent of the funding requirements L&D. In turn, this has affected both policy making and financial planning.
New somethingcarried out under the coordination of CMCC (Euro-Mediterranean Center on Climate Change) in collaboration with the International Institute for Applied Systems Analysis (IIASA) and the Potsdam Institute for Climate Impact Research (PIK), published in the magazine. Earth & Environment Nature Review. The authors explore new ways of estimating the economic value of L&Dwhich integrates the new climate economic vision into defining the damage and values of historical work, placed in the context of L&D.
“This work shows how transdisciplinary science can advance advanced policy debates L&D because of climate change,” says Massimo Tavoni, director of the CMCC-RFF European Institute on Economics and Environment. “The research shows the significant economic impact of climate change on vulnerable countries and shows the dynamic nature of responsibility and financial constraints.L&D. This research is a call to improve and apply research and evaluation methods to help improve international dialogue. “
“It is becoming increasingly clear that the economic costs of climate change are huge. Although global warming and extreme weather are affecting economies around the world, it is generally the least affected area climate and the least to make the most difficult changes,” says Leonie Wenz, author and researcher at PIK. “Here, we explain how insights from climate economics can explain the need for funding L&D explains these effects. “
Combining the latest climate economics science with the definition of work provides an opportunity to add to the growing evidence on the consequences of climate change for economic well-being and monitoring and information on inequality and poverty. By adopting a robust understanding of accountability, the paper’s findings help identify how financial needs are growing. L&D can be satisfied, especially considering that L&D it is a global effort that seeks contributions from various sources.
“This research is also a timely contribution to the negotiations on global climate finance post-2025 to support climate action in developing countries, which will be decided at COP29 in November 2024 in Azerbaijan. A debating the scope and coverage of current climate goals and many organizations have chosen to include related needs. L&D and those related to climate change and adaptation,” says Reinhard Mechler, researcher at IIASA.