A new report from the UN has concluded that world-changing levels of global heating are now guaranteed. If we do end fossil fuels in the coming years, we can still avert potentially civilization-ending levels of heating, but no matter what we do, dangerous global warming is here to stay.

Given that 6,000 people are dead or disappeared following the recent climate disaster in Nepal, this shouldn’t come as a shock. It should, however, be a wake up call. Deadly climate change is here, and in addition to ending fossil fuels as quickly as possible, we’re going to have to spend a ton of money refitting society so that it’s fit for our new climate era.

Stormwater systems, dams, and sea walls will need to be upgraded to withstand more intense flooding. Schools, hospitals, and offices will need to be refitted to withstand punishing heatwaves. Early warning systems giving people a hope of surviving extreme weather events will need to be installed across the world. (Such a system could have saved hundreds of lives in Nepal.) But building this new world is going to run up a bill of trillions of dollars. In the long run, these investments will pay off massively, both in avoided suffering and economically. But the initial investments need to be made. The question is: who is going to pick up the tab?This question has vexed global climate talks for years. Low-income nations have done the least to cause global warming. Yet, they’re being hit hardest by punishing climate extremes. In response, Global South leaders have pushed the world’s wealthiest nations to create (the still shamefully underfunded) financing mechanisms, such as the Loss and Damage Fund and the Least Developed Countries Fund, to move money to the world’s poorest countries to support climate adaptation.

Low-income nations have done the least to cause global warming. Yet, they’re being hit hardest by punishing climate extremes.

Much more needs to be done to ensure nations that have benefited the most from fossil fuel-driven development are financially supporting those nations hit hardest by climate change. Indeed, this fact will likely underpin the fight for global justice for much of the remainder of the century. Within wealthy nations, too, however, the question of who’s going to pay the upfront costs of adapting to a hotter, harsher world is also becoming a burning question. In New York State, the cost of climate adaptation is projected at $519 billion by 2050. It was this observation that propelled the passage of New York’s Climate Superfund Act in late 2024: the legislation requires fossil fuel corporations to pay $75........

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