• It is estimated that by 2050, the economic cost of loss and damage in developing countries will be between USD one trillion to 1.8 (about Sh120 trillion).
• On Tuesday, United Nations secretary general António Guterres said it is high time to move beyond endless discussions as vulnerable countries need meaningful action.
Kenya could be a beneficiary of finances meant for losses and damages from the impacts of climate change.
Devastating droughts and the rising lakes are among the grounds for the funding.
Kenya is among African countries pushing the wealthy ones for additional, adequate, predictable and sustainable financing for climate action.
The funds are to cater for mitigation, adaptation and loss and damage.
Previous attempts have, however, failed.
During last year's edition of the Conference of Parties in Glasgow held between October 31 to November 12, Kenya was keen to negotiate a robust loss and damage support package.
The funding was for all in the Global South whose lives and livelihoods continue to be devastated by the impacts of global warming.
It was however omitted from the agenda.
Loss and damage refer to those climate change impacts, which are felt when people cannot adapt any further or the limits of adaptation have been reached.
Developing countries have been pushing the developed ones to act and take responsibility for the escalated global warming that has led to more intensive climate disasters.
It is estimated that by 2050, the economic cost of loss and damage in developing countries will be between USD one trillion to 1.8 (about Sh120 trillion).
This however does not include non-economic losses such as loss of life, culture, and territory.
In 2009, the wealthy nations also promised to deliver Sh10.1 trillion per year to developing nations to help them address the impacts of climate change.
The pledge has not been fulfilled.
African campaigners say the issue of loss and damage has consistently been blocked or reduced to mere dialogues or side events, with rich polluter countries like the EU, the USA, Norway and others consistently refusing to discuss details on finance.
On Tuesday, United Nations secretary general António Guterres said it is high time to move beyond endless discussions as vulnerable countries need meaningful action.
“Loss and damage are happening now. It is hurting people and economies now and must be addressed now starting at COP27,” he said.
"This is a fundamental question of climate justice, international solidarity and trust."
The twenty seventh session of the Conference of Parties to the United Nations Framework Convention on Climate Change will take place in Sharm El-Sheikh, Egypt.
The conference will be held between November 7-18.
Guterres said there is a need to make sure that every person, community and nation has access to effective early warning systems within the next five years.
“And we must address the biodiversity crisis by making the December UN Biodiversity Conference a success,” he said.
The UN boss made his remarks during the official opening of the seventy seventh United Nations General Assembly in New York, where President William Ruto is leading Kenya’s delegation.
The UN General Assembly is the main policy-making organ of the organisation comprising all member states.
It provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the charter of the United Nations.
Each of the 193 member states of the United Nations has an equal vote.
Guterres said the world must agree on a post-2020 global biodiversity framework.
"One that sets ambitious targets to halt and reverse biodiversity loss, provides adequate financing and eliminates harmful subsidies that destroy ecosystems on which we all depend," he said.
The UN boss challenged countries to intensify efforts to finalise an international legally binding agreement to conserve and sustainably use marine biological diversity.
He called for an end to the use of fossil fuels saying it is time for an intervention.
Guterres said fossil fuel companies and their enablers must be held to account.
“That includes the banks, private equity, asset managers and other financial institutions that continue to invest and underwrite carbon pollution,” he said.
"It also includes the massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny.”
The UN boss said there is a need for a just transition to renewable forms of energy even as fossil fuel producers, investors and enablers are put on notice. “Polluters must pay.”
He called on all developed economies to tax the windfall profits of fossil fuel companies.
“Those funds should be re-directed in two ways: to countries suffering loss and damage caused by the climate crisis and to people struggling with rising food and energy prices,” Guterres said.
The UN boss said renewable energy generates three times more jobs, is cheaper than fossil fuels and is the pathway to energy security, stable prices and new industries.
He however said developing countries need help to make this shift, including through international coalitions to support just energy transitions in key emerging economies.
Guterres said developing countries must be helped to adapt to worsening climate shocks.
He urged developed countries to deliver in full their pledge to double adaptation funding by 2025 as agreed in Glasgow last year.
The UN boss said at a minimum, adaptation must make up half of all climate finance.
He challenged multilateral development banks to step up and deliver.
(Edited by Bilha Makokha)