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EXPLAINER | Will COP28 deliver a new fund for climate loss and damage? | Business

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As communities face soaring costs from extreme weather and rising seas, governments are grappling with how to set up a fund that tackles loss and damage caused by climate impacts.

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The topic was for years controversial at UN climate talks, as wealthy nations rejected demands for"compensation" for the impacts of their high share of the planet-heating emissions that are turbo-charging floods, droughts and storms around the world. It can occur both from fast-moving weather disasters made stronger or more frequent by warming temperatures - such as floods or hurricanes - as well as from slower-developing stresses like persistent drought and sea levels creeping higher.

A 2022 study by anti-poverty charity Oxfam found that aid needs in response to weather disasters had skyrocketed more than eightfold in the last 20 years."There is not enough money for humanitarian action - even to do the first-phase response , never mind the preparedness, resilience longer-term early recovery piece," said Debbie Hillier, who manages flood resilience programmes for Mercy Corps.

Those include a controversial proposal - backed by the UN chief - for rich governments to tax the windfall profits of fossil fuel companies. But many climate campaigners say insurance cannot be a lasting answer, with losses expected to soar and even become uninsurable as climate disasters intensify.A"Transitional Committee" is meeting regularly this year to work out the form and scope of the new loss and damage fund, and how to fill its coffers.

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