Extreme weather since COP28 causes over $41b in global damage, report finds

A new report by Christian Aid, a UK-based relief and development agency, reveals that extreme weather events have caused over $41 billion in damage worldwide in just six months since COP28. 

Bangladesh also has been severely impacted by record-breaking heat waves and cyclones since the last COP, according to a press release.

In April, Bangladesh experienced temperatures over 40°C for 24 days, shattering a 76-year record. The heatwave caused significant agricultural damage, with crops such as chillies, pulses, sunflowers, almonds, and rice suffering greatly. 

Rohingya refugees, living in tarpaulin structures, faced temperatures of 42°C, the hottest in 35 years in the area. The heat wave has resulted in the deaths of twenty-eight people in Bangladesh, said the release.

Observational analysis suggests the heat in South Asia was made 45 times more likely and 0.85°C hotter. Under the current climate, this type of extreme heat could now happen every 10 years in West Asia, every 20 years in the Philippines (or every ten years with El Niño), and every 30 years in the wider South Asia region. 

The heat wave will hit Asian economies hard, leading to higher inflation and a slowdown in economic growth, added the release.

Bangladesh has also been hit hard by Cyclone Remal, a devastating storm that killed multiple people and destroyed or damaged over 150,000 homes. This disaster is part of an ongoing series of extreme weather events intensified by climate change.

The Christian Aid report, published amid the 60th Bonn climate talks, highlights four extreme weather events scientifically linked to climate change since COP28: floods in Brazil, Southwest Asia, and East Africa, and heatwaves across large parts of Asia. These events have killed over 2,500 people and caused immense economic damage.

Nushrat Chowdhury, climate justice advisor at Christian Aid in Bangladesh, said the people of Bangladesh are not responsible for this disaster, yet they are faced with huge losses. 

"That is why it's so important the Loss and Damage Fund gets proper funding so that people can receive support to rebuild their lives and livelihoods after such awful cyclones," she added.

The 60th Bonn Climate Conference (3-13 June 2024) aims to operationalise the Loss and Damage Fund. As the second week of the conference begins, negotiators are working to unblock financial flows to lower-income countries hit by extreme weather. 

This funding was a major sticking point at COP28, with wealthier nations slow to agree to the necessary financing. The UN estimates that $290-580 billion will be needed for loss and damage annually from 2030 onwards, yet only $600 million has been delivered so far. 

Mariana Paoli, Christian Aid's global advocacy lead, emphasised the need for immediate action: "We need rich countries who are largely responsible for causing the climate crisis to massively scale up funding for action on climate change. They need to show real creativity and political will, and tax polluters and the super-rich in order to finance real climate action."

The $41 billion in damage is an underestimate according to the charity. Only insured losses are typically reported, and many of the worst disasters have hit countries where few people or businesses have insurance. The human cost of disasters is also missed in these figures, from those who lost their lives to those whose homes are destroyed, or who lose out on work or education.

Christian Aid also called for governments and development banks to halt new investments in fossil fuels and to scale up renewable energy. The charity advocates for the cancellation of historic debts owed by poor countries to rich ones, directing those funds towards improving climate resilience and equity.

As the climate talks in Bonn progress, the world watches closely, hoping for meaningful commitments that will address the urgent needs of countries like Bangladesh. The devastating impacts of climate change are already here, and without swift global action, the future looks increasingly dire, said the press release.