Extreme weather has already cost vulnerable island nations US$141 billion – and 38% is attributable to climate change

By Emily Wilkinson, Principal Research Fellow, ODI
Ilan Noy, Chair in the Economics of Disasters and Climate Change, Te Herenga Waka — Victoria University of Wellington
Matt Bishop, Senior Lecturer in International Politics, University of Sheffield
Vikrant Panwar, Senior Climate and Disaster Risk Finance Specialist, ODI

Two years ago, when the curtain fell on the COP27 summit in Sharm El Sheikh, Egypt, developing nations on the frontline of climate change had something meaningful to celebrate.

The creation of a new fund for responding to loss and damage was agreed after a hard-fought diplomatic effort, spearheaded by a group of small island developing states (sometimes known as the Sids). The fund would provide much needed support for climate-vulnerable nations faced with a spiralling human and financial…

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