The longer it takes to transition away from fossil fuels such as coal, the more costs accrue as climate change accelerates.
Climate change caused at least US$2.8 trillion (£2.1 trillion) in global costs known as loss and damage between 2000 and 2019, according to the UN Environment Programme. Loss and damage refers to the social, economic, cultural and environmental harms experienced by people or communities as a consequence of disruptive events or processes, such as mining.
