An average of 189 million people in developing countries have been victims of extreme weather every year since 1991, stated a report by the organisation Loss and Damage Collaboration published on Monday.
The report calculates that the global fossil fuel industry made some $30 trillion in profits between 2000 and 2019, while in the same period the cost of climate damage in 55 of the world's most climate-vulnerable countries rose to $525 billion.
In other words, in the first half of 2022 alone, six major fossil fuel companies made enough profit to offset all climate damage worldwide, concluded the report by Loss and Damage Collaboration, supported by Oxfam Novib, ActionAid and CARE.
If those six fuel companies would offset all the damages, they then still be left with $70 billion in profits. The report argues that rich countries are still trying to frustrate the discussion on the economic damage of climate change.
A human face to climate change
"The non-compensation by rich countries of climate damage in developing countries shows the lack of political will," said Bertram Zagema, climate expert at Oxfam Novib. "The issue is now finally on the agenda of the important UN climate summit starting on 6 November. Concrete agreements need to be made now. The money is there, but those most responsible for the climate crisis refuse to foot the bill."
In an interview with UN News, UN Special Rapporteur on the Protection of Human Rights Ian Fry said "there are millions of people around the world whose basic human rights is being affected. So, we have to make that connection, we have to put a human face to climate change."
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About COP27, which will be held in Egypt in November this year, Fry commented that a crucial issue on the table will be the loss and damage debate. "We have seen pushback by some key countries around advancing the issue, but the developing countries have unanimously said 'we want loss and damage on the agenda' and civil society is saying the same thing."