The latest report released by the association of 55 developing nations across Asia, Africa and America highlighted that the disasters and climate change impacts have affected one-fifth of their economic growth.
The research report was released during the UN climate negotiators' meeting in Germany over the “loss and damage” agenda. The report mentioned that climate-vulnerable nation faced the wrath of extreme weather conditions and demand for funds to tackle the climate change impacts. As per the research, the growing heatwave conditions, change in rainfall patterns and other climate disasters such as floods, and tsunami has dented the economy of these developing countries.
The loss and damage were observed in the research to measure the estimates of how the global economy might have grown if the circumstances were different from the reality. Over the last two decades, these countries have witnessed a major 20 percent decline in their wealth which is worth $525 billion due to global warming and altered rainfall patterns, the report added.
During the meeting, Ghana's Finance Minister Kenneth Nana Yaw Ofori-Atta said the report should "sound alarm bells for the world economy". He further added that losses and damage due to the climate change impacts cannot be calculated in dollars as it is destroy lives, and livelihood and poses a threat to our culture.
The nations demand immediate action from the developed and rich nations to combat the rising consequences of climate change. As per the report, the committed funding of $100 billion a year to these developing vulnerable countries is still pending from 2020.
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