The 10 most expensive climate-related disasters in 2022 cost the world close to $170 billion in terms of insured losses, as per Christian Aid, a leading UK-based charity. The lowest such loss was from Hurricane Fiona, which affected the Caribbean region and Canada, at $3 billion.
Bear in mind, the actual losses are much higher—for instance, the insured loss from the Pakistan floods stood at $5.6 billion, but the actual loss is pegged at $30-40 billion. In many cases, it is difficult to estimate the actual loss, given this is also estimated by some in terms of future costs.
Also read: Cost-effective way to wage war: Drone economics of Russia-Ukraine conflict
While climate-related philanthropic funding has been growing, global investment in nature-based solutions for climate -change mitigation is yet to gather speed.