A new report by the Christian Aid shows that the damage caused by severe climate disasters globally in 2024 will exceed 230 billion USD.
Based on data from reputable organisations such as Aon, RBC Capital and Morningstar DBRS, the report shows that while financial losses are concentrated in rich countries, the humanitarian burden is skewed towards poor countries.
Specifically, in the US, Hurricane Milton and Hurricane Helene caused respective damages of 60 billion USD and 55 billion USD, while a series of other storms were not classified, but still caused equivalent damage.
A new report by the Christian Aid shows that the damage caused by severe climate disasters globally in 2024 will exceed 230 billion USD.
In Asia, floods in China from June to July caused 15.6 billion USD, while Cyclone Yagi swept through the Philippines, Laos, Myanmar, Vietnam and Thailand in September, causing 12.6 billion USD in damages.
Europe has not been immune to the effects of climate change either. Cyclone Boris in central Europe and floods in Spain and Germany have caused a combined 13.87 billion USD in damages.
In low-income countries, financial losses are often underreported due to insurance limitations. However, the human toll and the impact on communities are devastating.
Floods in West Africa in August and September affected 6.6 million people in Nigeria, Chad and Niger.
In southern Africa, the worst drought on record, from February to July, affected 14 million people in Zambia, Malawi, Namibia and Zimbabwe.
Christian Aid CEO Patrick Watt said that natural disasters most seriously affect the poor in low-income countries, because they have few assets, limited insurance, and limited access to public services.
Professor Davide Faranda, Research Director at the Institute Pierre-Simon Laplace (France), affirmed that climate change is the root cause of the worsening of extreme weather events that the world is facing.
Climate change includes global warming caused by human activities and its impacts on the Earth's climate and weather systems. The main cause of this phenomenon is the emission of greenhouse gases, mainly carbon dioxide (CO2) and methane (CH4).
The majority of these gases are emitted from the burning of fossil fuels to meet energy needs. Agricultural activities, steel production, and cement are also sources of greenhouse gas emissions, while deforestation is hindering efforts to respond to climate change in many countries.
People are reaping the “bitter fruit” of their own making, pushing themselves into many “vicious cycles” of wastefulness, environmentally unfriendly consumption, and self-harm. However, experts say the situation can still be changed if the world takes immediate action.
In fact, many commitments have been made by countries to step up the fight against climate change. The administration of US President Joe Biden recently set a new target of cutting greenhouse gas emissions by 61-66% compared to 2005 levels by 2035 in order to promote the implementation of the Paris Agreement on climate change.
Japanese officials and experts have recently agreed on a roadmap to reduce greenhouse gas emissions to achieve a net zero emissions target by 2050. However, experts also warn that the ambitious plans set by countries are not easy to implement, because they must balance the goal of reducing emissions and economic growth at the same time.
However, in the context that climate change is no longer a problem for the distant future but becoming a harsh reality, urgent action is an urgent requirement for all countries to reduce risks, protect people's lives, and ensure sustainable development for future generations.
