Who Pays for the Damage Caused By Climate Change?
Impacts of Climate Change
Climate change is a global phenomenon in which the climate transforms over time. This transformation is characterised by changes in the planet’s normal climate in terms of temperature, wind, and precipitation. Human activities cause climate change over time. Climate change is often used interchangeably with global warming. However, climate change encompasses global warming, sea-level changes, loss of ice, and extreme weather events.
This phenomenon has been causing concern in the past few years due to the adverse effects it will inevitably bring. As the earth’s weather becomes more unbalanced, the ecosystems of the earth, the future of humankind, and the global economy are put under threat of unsustainability.
The effects of climate change are far-reaching and devastating. It affects the ecosystem of the entire planet. Extreme weather conditions are becoming more frequent and irregular in their occurrence. Over the next few years, disasters like cyclones, floods, storms, and droughts will begin to occur more frequently. The ocean is also affected by the increase in temperature. The ocean levels will begin to rise, and ecological challenges will surface like de-oxygenated and acidified.
The question of who pays for the damages caused by climate change was posed at the United Nations meeting held in Madrid, Spain, in 2019. It was one of the main discussions raised at the meeting. The four sub-groups of the less developed countries demanded that the developed countries set up a fund to deal with the devastating effects of climate change.
The ideology was to protect those most vulnerable from the effects of climate change. It is important to note that the meeting ended with the developed countries not being willing to pay for the loss and damage resulting from climate change.
In Colorado in 2018, two communities have sued some fossil fuel companies, demanding that they pay the costs of climate change. They demanded that the companies should pay their fair share to help remedy the problem which they created. This is the same opinion held by most people.
A poll was conducted in the USA, UK, Canada, and Australia. The poll’s conclusion showed that most people in the states expected fossil fuel companies to bear the cost of the damages.
We should not leave payment for the damages caused by climate change to one group. Climate change is a huge event taking place across the entire earth. The burden of bearing it’s damage would be too much for one group, government, or company to pay for singlehandedly.
The important thing is for the developed states, established companies, etc., to work together to protect the vulnerable. Climate change should not be seen as one person’s problem. It is a global phenomenon, and it is everyone’s business.
The best course of action is to take the necessary steps to slow down climate change. The damages it would result in are inestimable.