WASHINGTON, DC – So far this year, floods, heat waves, droughts, storms, and wildfires have led to thousands of deaths, threatened the health and livelihoods of millions of people, and caused tens of billions of dollars in damage – at least $41 billion by June. In September and October, just two hurricanes – Helene and Milton – cost the United States alone over $100 billion. Recent research suggests that climate damage could cost the global economy between $19 trillion and $59 trillion per year by 2049. The message is clear: mobilizing large amounts of climate finance today is essential to safeguard our future.

Of course, not everyone bears the same responsibility for the climate crisis. The fundamental injustice of climate change is that the countries that have contributed the least to the........

© Project Syndicate