Burning of fossil fuel is the cost of loss and damage: Who shall fund?
Worst impact due to climate change is mostly experienced by the poorest and vulnerable communities of countries around the world. The impact due to climate change that goes beyond the capacity to cope or adapt is termed as Loss and Damage.
The biggest truth of climate change is burning of fossil fuel. The injustice of loss and damage caused by fossil fuel shall be paid by those fossil fuel extractors and polluters, helping address the issue among poorest and vulnerable. Despite of knowing the fact that the products were harmful to human and planet some leaders of fossil fuel industries kept on denying on fact.
According to Levy project, a review of estimates of loss and damage allows us to make a conservative estimate of USD $50bn per year in the near term, increasing to USD $70-$100bn by 2050, for the group of 48 “Least Developed Countries (LDCs) alone. Loss and damage for all vulnerable developing countries can conservatively be estimated as at least double – USD $100bn per year in the near term, increasing to at least USD $200bn by 2050.
Climate finance is already insufficient to what provided for the damages and loss due to climate change to those vulnerable communities. But the fossil fuel industries have been making profit. These industries can fill this gap of loss and damages by financing for what they are responsible.
In 2014, the top two fossil fuel companies alone—Chevron and ExxonMobil—made more than $50 billion between them. While they make profits, they do not pay for any climate damages made by their products
The levy project declaration – signed by author Naomi Klein, 350.org’s Bill McKibben, Greenpeace’s Kumi Naidoo and the Seychelles Ambassador to the UN Ronny Jumeau – states “ fossil fuel companies are accountable for around 70% of present day global warming and should duly mobilise funds for countries most affected by this change.”