In May 2024 the southern part of Brazil was hit by one of the worst-ever floods in its history. The catastrophe claimed the lives of 155 people, while forcing another 540,000 out of their homes. The estimated economic losses from the 2024 floods in Brazil are around $4 billion.
In India, a total of 1,492 people died during extreme weather events in the 2024 monsoon season, according to data compiled by the India Meteorological Department. Even though these events happened in two different parts of the world, climate change seems to be a common denominator that drives these extreme weather events.
But what is interesting is that not everyone is equally affected by the consequences of extreme weather events. In the first nine months of 2022, extreme weather events impacted 75 million people and caused over 10,000 deaths. Asia and Africa accounted for 94 per cent of the people in both categories. But neither the United States nor the European Union figure among the top 10 countries that faced these casualties, even though the US is historically responsible for 25 per cent of the emission while the EU’s share is 17 per cent.
This shows that while all states are responsible for addressing global environmental destruction, the responsibility is not meant to be shared equally. This forms the basis of common but differentiated responsibilities (CBDR) — a foundational principle of both the Paris Agreement and the UNFCCC.
Developing countries are asking for a mechanism to receive reparations from rich countries for climate change impacts caused by the latter. Add to it the cost of adapting to and mitigating GHG emissions to future-proof against the effects of climate change, and this constitutes the basis for Climate Finance.
Finance is a key enabler of climate action. Hence, arriving at a finance goal that best serves the needs of these countries is significant for ensuring climate justice. It is also the centre of the upcoming COP29 negotiations.