HomeNewsOpinionCOP26 | Who will finance loss and damage?

COP26 | Who will finance loss and damage?

The contentious issue of funding loss and damage is no longer on the official negotiating agenda for COP 26, but that has not deterred the group of 45 nations, including civil society, from renewing their call for funding for loss and damage at the summit 

October 29, 2021 / 16:31 IST
Story continues below Advertisement

September’s Cyclone Gulab, the most recent and extreme weather event to devastate parts of Maharashtra, led to the loss of standing crop including soybean, maize, pulses, fruit, vegetables, and cotton across an estimated 1.2 million hectares, while the damage caused by heavy rains and floods since June 1 covered more than 2.5 million hectares in the state.

Over 20 people lost their lives, thousands of livestock perished, and the damage to property is yet to be fully assessed. On October 13, the state government announced a compensation package of ₹10,000 crore for the farmers.

Story continues below Advertisement

In May, Cyclone Yaas ravaged India’s eastern coast, destroying thousands of homes, inundating dozens of villages and rendering 150,000 people homeless. This was within a few days of the landfall of another cyclone, Tauktae — the most powerful to batter the west coast in two decades, which killed more than 80 oil workers on a barge, and left a trail of destruction in its path. In 2020, it was Amphan that pounded the east coast, affecting 13 million people, and causing over $13 billion in damage.

According to risk analysis company Verisk Maplecroft, India is ranked among the top countries most at risk from natural hazards such as floods and heat waves resulting in losses of a massive $9.8 billion a year. Floods and landslides in India affected about 11.4 million hectares of farmland between 2018 and 2020, the government told Parliament last year.