Developing Nations Facing An Additional $270 Billion Per Year In Adaptation Costs
Developing nations face having to find an additional $270 billion per year in climate adaptation costs if global pledges to cut emissions are not improved.
A new report published by nonprofit organization Oxfam this week concluded that developing countries “face being crushed under the double burden” of climate change adaptation costs that are skyrocketing towards $800 billion, and annual losses worth more than twice that if global pledges to curb emissions are not improved immediately. These findings are part of a report, Game-Changers in the Paris Climate Deal: What is needed to ensure a new agreement helps those on the front lines of climate change, published this week by Oxfam that also lays out seven steps to a Paris deal that will “protect poor people from climate change.”
“We are seeing encouraging progress towards a climate deal but settling for what we have so far would spell disaster for the world’s poorest people,” said Mark Goldring, Oxfam GB’s Chief Executive. “One degrees difference might seem negligible on paper, but it’s a multi-billion dollar nightmare for the world’s poorest countries already suffering the consequences of climate change.”
According to Oxfam, in a world that is currently on track to warm to 3°C over pre-industrial levels, developing countries are looking to face an additional $270 billion per year on adaptation costs by 2050, bringing the total up to $790 billion. According to the report’s authors, this could see some countries needing to find 50% more to protect themselves against climate change than in a 2°C scenario — a scenario which is almost the only thing we are hearing about in the lead up to the Paris climate talks.
On top of that, Oxfam reports that developing countries are facing the possibility of losing $1.7 trillion annually by the middle of the century if global temperatures reach 3°C — $600 billion more than if warming was contained to 2°C, and four times more than “rich countries” gave to developing countries in aid in 2014.
“World leaders have the opportunity to change this in Paris,” continued Goldring. “They need to put aside their self-interest and do what is best for the world. That means greater cuts to emissions and more climate funding so vulnerable communities already facing hunger, floods and droughts can survive. World leaders need to be clear that a strong deal is needed as a springboard for further global climate action.”
“The emission pledges that more than 150 governments have put on the table this year show that global climate ambition is increasing,” wrote the report’s authors. “But much more is needed, as it’s a deal that could still lead to around 3°C of warming.” Oxfam is concerned that all the INDCs being committed to by participants in the upcoming UN climate negotiations could inevitably end up failing. If that is the case — and it’s not that much of a stretch to imagine it — then developing countries around the world are going to be the first and hardest hit.
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