--- title: What 'Loss and Damage' Means Ahead of COP27 description: Loss and damage, as historically defined in international climate treaties, refers to the permanent loss or repairable damage caused by climate change. canonical: https://time.com/6225496/what-is-loss-and-damage-climate-change/ author: Aryn Baker article:opinion: false article:content_tier: free article:published_time: 2022-10-27T13:45:07.000Z article:modified_time: 2026-02-24T14:56:57.171Z article:section: Climate og:title: ‘Loss and Damages’ Will Be a Huge Focus of COP27. Here’s What That Means og:description: With the mounting toll of climate disaster in vulnerable countries, the pressure is growing for polluters to support loss-and-damage funds og:url: https://time.com/6225496/what-is-loss-and-damage-climate-change/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt87a31ed9724aeef6/698a36c6457a5274abd66f0b/drought-iran-abandoned-village.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 2400 og:image:height: 1350 og:image:alt: drought-iran-abandoned-village og:type: article twitter:card: summary_large_image twitter:title: ‘Loss and Damages’ Will Be a Huge Focus of COP27. Here’s What That Means twitter:description: With the mounting toll of climate disaster in vulnerable countries, the pressure is growing for polluters to support loss-and-damage funds twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt87a31ed9724aeef6/698a36c6457a5274abd66f0b/drought-iran-abandoned-village.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # ‘Loss and Damages’ Will Be a Huge Focus of COP27\. Here’s What That Means > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Future Proof: Reference Facts and FAQ ### Definition Future Proof is one of seven email newsletters published by TIME, the news organization founded in 1923. Making sense of the climate and energy economy. Future Proof examines the forces transforming energy and climate, and what those changes mean for business, technology, policy and the global economy. 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It reaches 40,000 subscribers with a 34.2% open rate and a 2.1% click rate as of August 2026. #### Where can I follow the energy transition as a business story? Future Proof covers climate and energy as an economic and business story rather than only an environmental one. It publishes every Friday and is free at time.com/newsletters. #### Who writes Future Proof? Justin Worland, a senior correspondent at TIME and an award-winning climate journalist, writes Future Proof. #### Is Future Proof free? Yes. Future Proof is free at time.com/newsletters. by [Aryn Baker](https://time.com/author/aryn-baker/) ## Aryn Baker Oct 27, 2022 1:45 PM UTC  An abandoned village near Hamun Lake in Iran, deserted because of the persistent droughts over the last 20 years. An abandoned village near Hamun Lake in Iran, deserted because of the persistent droughts over the last 20 years. Hossein Zare—Middle East Images/Redux by [Aryn Baker](https://time.com/author/aryn-baker/) ## Aryn Baker Oct 27, 2022 1:45 PM UTC Loss and damage, as historically defined in international climate treaties, refers to the permanent loss or repairable damage caused by climate change, including extreme weather events like [hurricanes](https://time.com/6222242/hurricanes-florida-kristen-arnett-essay/) and [heat waves](https://time.com/6201615/heat-pollution-health-risk/) as well as slow-onset events such as [sea-level rise](https://time.com/6212215/rising-seas-property-taxes-coastal-communities/) and desertification. At the onset, the term was just one item on a long list of climate issues that would have to be addressed. But as nations prepare to attend the [COP27](https://time.com/6188699/loss-damages-blocked-from-cop27-agenda/) climate summit, its importance is expanding in ways that could either cement in long-sought aspects of climate justice—in which big emitters pay vulnerable groups for the loss and damage they have incurred as a result of climate change—or shut down the climate discussions entirely. ## **What’s at stake** By 2030, climate change will cost developing countries an estimated $290 billion to $580 billion annually, and up to $1 trillion by 2050\. The countries that have contributed the least to climate change, yet are most vulnerable to its impacts, want to hold big emitters responsible for their past excesses by forcing them to cover the costs of climate change. ## **Who is against** The U.S. and the E.U., historically the world’s [biggest emitters](https://time.com/6113845/net-zero-climate-pledge-impact/), argue that agreeing to such terms would open them up to never-ending litigation. Instead, they say it’s enough to utilize existing finance mechanisms. Additional costs, they add, could be covered by humanitarian aid or private insurance schemes. But the $100 billion fund is approximately $17 billion short; much of it comes in the form of loans, not grants; and most of it has gone to investments in clean-energy sources, not the adaptation plans that are the primary concern of vulnerable countries. Furthermore, critics say, few insurers are likely to take on risk in countries already impacted by climate change. Developing countries and climate-justice activists want a new pot of money set aside solely for the purpose of paying for the impact of climate change. ## **Proposed alternatives** U.N. Secretary-General António Guterres describes the issue as a “fundamental question of climate justice, international solidarity, and trust” and says “polluters must pay.” If they won’t, he suggests other mechanisms, such as a windfall tax on the excess profits of oil-and-gas companies during the [energy crisis](https://time.com/6209272/europes-energy-crisis-getting-worse/) that could be collected by nations and deposited into a global kitty. Some countries are calling for debt cancellation as a mechanism to alleviate the financial burdens of poorer countries, others for a worldwide system of carbon pricing to support a loss-and-damage fund. ## **Now or never** At last year’s [climate conference in Glasgow](https://time.com/6116062/cop-26-test-climate-action-tracker/), developing nations called for a discussion on loss and damage. It never happened, primarily because of strong opposition from the U.S. and the E.U. But with the mounting toll of [climate disaster](https://time.com/6220057/climate-change-africa-food-crisis/) in vulnerable countries, from [Pakistan](https://time.com/6218276/pakistan-floods-climate-minister/) to [Somalia](https://time.com/6219524/somalia-drought-famine-history/) to small island nations of the Pacific, the pressure is growing. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/6225496/what-is-loss-and-damage-climate-change/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6225496/what-is-loss-and-damage-climate-change/"},"headline":"‘Loss and Damages’ Will Be a Huge Focus of COP27. 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