The year 2024 marked a pivotal moment in the escalating climate crisis, with extreme weather events reaching unprecedented levels across the globe. From relentless heatwaves and catastrophic floods to raging wildfires and severe droughts, the year showcased the devastating consequences of a warming planet. These climate-induced disasters claimed countless lives, uprooted communities, destroyed livelihoods, and left millions grappling with the harsh realities of a rapidly changing environment.
According to The Guardian, citing Christian Aid, the 10 most costly climate disasters of 2024 caused $229 billion in damages and 2,000 deaths worldwide.Heavy rains in southern China triggered devastating flooding and landslides, while Typhoon Yagi wreaked havoc across Southeast Asia, causing widespread destruction and significant economic losses. In South Asia, monsoon disasters ravaged countries like India, Bangladesh, Pakistan, and Nepal, leading to tragic loss of life and extensive damage.
Europe faced its own challenges with Storm Boris and catastrophic flash floods in Spain, leaving communities reeling. In the United States, tropical storms and a series of costly weather and climate disasters underscored the growing severity of climate-related events. These disasters highlight the increasing frequency and impact of extreme weather driven by a changing climate.
In response to these escalating crises, the Migration Youth and Children Platform issued a Global Solidarity Statement in 2024, expressing unwavering support for regions severely affected by natural disasters. Yet, the impacts of climate change are expected to intensify further. If global temperatures rise by 2.9°C without significant interventions, the average GDP of the 65 most climate-vulnerable nations could drop by 20% by 2050 and a staggering 64% by 2100.
When land is lost due to sea level rise and extreme weather events, nations in the Global South lose their cultures and traditions, which cannot be adapted to. Pacific islands, responsible for 0.02% of global emissions, face extreme risks due to low elevations, with 90% of people living within 5 kilometers of the coast, said Mr. Guterres. Beyond damaged buildings, these impacts threaten entire cultures, from Chile to the Marshall Islands.
Dartmouth College's study revealed that the US caused $1.9 trillion in climate damages from 1990 to 2014, with China, Russia, India, and Brazil adding $4.1 trillion, totaling 11% of global GDP annually. Since 1965, 20 fossil fuel companies contributed 35% of emissions. Despite this, global fossil fuel subsidies reached $7 trillion in 2022, reflecting a policy failure and contradiction in supporting major polluters while vulnerable nations face escalating climate-induced losses.?
Who should bear the cost of climate damage, and how much should they pay? Could these payments mark the decline of the fossil fuel industry? What if polluters paid for climate damage? Could it aid vulnerable countries' recovery? The Polluter Pays Principle (PPP), established in the 1992 Rio Declaration, provides a framework to address climate justice by asserting that those responsible for pollution should bear the costs of environmental harm.
In line with this principle, the Polluters Pay Climate Fund Act was introduced in September 2024 by three US legislators, aiming to secure $1 trillion from U.S.-based fossil fuel extractors and oil refiners over 10 years. The fund also seeks to prevent energy price hikes for consumers and avoid overburdening companies. This initiative addresses historical injustices faced by developing nations, emphasizing the responsibility of polluters to support global recovery efforts.
Additionally, implementing Climate Damages Tax-an international levy on each ton of coal, oil, or gas extracted-could generate billions to fund disaster recovery and mitigate the adverse impacts of climate change. Mechanisms such as the Loss and Damage Finance and the Green Climate Fund could also play vital roles in supporting those permanently displaced by climate change, with up to 216 million people expected to be displaced by 2050.
At COP29 in Baku, Azerbaijan, developed nations pledged $300 billion annually by 2035 to assist developing countries in addressing climate change. However, the Climate Action Network International, criticized this pledge as inadequate, calling it a "joke" in light of the escalating costs faced by developing nations. Meanwhile, developing countries are demanding for $1.3 trillion annually to effectively combat the worsening climate situation.
After the global convention, from December 2-13, over 100 countries, particularly from the Global South, and international organizations presented their cases before the 15 judges of the International Court of Justice (ICJ) regarding the obligations of major greenhouse gas emitters in addressing climate change. Key emitters, including the U.S., Russia, China, U.K., Saudi Arabia, and Germany argued that the ICJ was not the appropriate platform to clarify climate obligations and consequences.
The hearings are expected to conclude with an advisory opinion in early 2025, providing legal guidance on the responsibilities of countries concerning climate change and the rights of future generations. While the advisory opinion will not be legally binding, it will carry significant moral authority and could influence future legal actions and diplomatic negotiations on climate change. COP29 and ICJ discussions highlight the ongoing need for both sides' agreement.
No financial compensation can fully address the losses caused by climate change, but holding polluters accountable is essential for climate justice. Addressing the financial and moral responsibility of polluters is crucial for upholding justice for those most affected. The growing momentum to hold fossil fuel companies and high-emission nations accountable is a vital step forward, and with continued international cooperation and policy reform, a more equitable, sustainable future is possible.
The writer is a Climate Mobility officer at Migration Youth and Children Platform, Asia and Pacific Regional Focal Point at UNCCD Youth Caucus
