Climate Loss, Damage Fund and Other Major Climate Funds: Analyzing the Global Disparity between Climate Finance and Military Expenditure
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Published
May 12, 2026
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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Shiva Balliram
https://orcid.org/0000-0001-9027-1629
Eduardo G. Pereira
https://orcid.org/0000-0002-9293-7049
Mostapha al-Masry
https://orcid.org/0000-0003-1564-2973
https://orcid.org/0000-0001-9027-1629
Eduardo G. Pereira
https://orcid.org/0000-0002-9293-7049
Mostapha al-Masry
https://orcid.org/0000-0003-1564-2973
Abstract
Climate change, primarily driven by human activities such as the emission of greenhouse gases (GHG), has led to significant global impacts. These include rising temperatures, sea-level rise, and an increase in extreme weather events such as floods, droughts, and hurricanes. Developing countries, which contribute the least to GHG emissions, bear a disproportionate burden from these effects, enduring far greater casualties and financial strain compared to developed nations. As global temperatures rise, the economic cost of climate change will escalate, with projected losses ranging from $290 billion to $580 billion annually by 2030. In response, the United Nations Climate Change Conferences—most notably COP27 and COP28—have facilitated the establishment of the Climate Loss and Damage Fund (CLDF), designed to support vulnerable nations in coping with the severe consequences of climate change. This paper analyzes historical and current climate polluters, their financial commitments to the CLDF and other major climate funds, and contrasts these contributions with their military spending. By scrutinizing the disparity between climate finance and defense budgets, the paper highlights the critical need for innovative financial mechanisms and greater accountability from major climate polluters. Finally, the paper offers recommendations for strengthening the CLDF’s governance structures and securing long-term funding to ensure equitable and effective climate action.
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Keywords
Climate changeGreenhouse gas emissionsClimate Loss and Damage Fund (CLDF)COP27Climate financeGlobal emissionsAdaptation and mitigationDeveloping nations
References
Laws
Charter of the United Nations (adopted 26 June 1945, entered into force 24 October 1945) 1 UNTS XVI, arts 55–56.
UN Framework Convention on Climate Change (adopted 9 May 1992, entered into force 21 March 1994) 1771 UNTS 107, art 3; Paris Agreement (adopted 12 December 2015, entered into force 4 November 2016) TIAS No 16-1104, art 2(2).
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Barcelona Traction, Light and Power Company, Limited (Belgium v Spain) (Second Phase Judgment) [1970] ICJ Rep 3, 32–33.
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Adaptation Fund, ‘About the Adaptation Fund’ (2024)
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Books and Reports
Daniel Bodansky, Jutta Brunnée and Lavanya Rajamani, International Climate Change Law: Paris Agreement (Oxford University Press, 2017) 209.
D. Puig, E. Calliari, M. F. Hossain and others, Loss and Damage in the Paris Agreement’s Transparency Framework (University College London, 2019).
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IPCC, Climate Change 2021: The Physical Science Basis (Cambridge University Press, 2021).
Philippe Sands, Principles of International Environmental Law (Cambridge University Press, 2018), ch. 8.
P W Singer, Corporate Warriors: The Rise of the Privatized Military Industry (Cornell University Press, 2007).
United Nations Development Program, A Guide to Carbon Pricing and Fossil Fuel Subsidy Reform: A Summary for Policy Makers (United Nations, 2021).
Journal Articles
Bodansky D, ‘The Paris Climate Change Agreement: A New Hope?’ (2016) 110(2) American Journal of International Law 288.
Bourban M, ‘Climate Change, Human Rights and the Problem of Motivation’ (2014) 1 De Ethica: A Journal of Philosophical, Theological and Applied Ethics 37.
Doelle M and Seck S, ‘Loss and Damage from Climate Change: From Concept to Remedy?’ (2019) 20 Climate Policy 1.
Grossman MR, ‘Climate Change and the Individual’ (2018) 66 suppl_1 American Journal of Comparative Law 345.
Huq S and Roberts EL, ‘Coming Full Circle: The History of Loss and Damage under the UNFCCC’ (2015) 8(2) International Journal of Global Warming 141.
Le Quéré C, Jackson RB, Jones and others, ‘Global Carbon Budget 2018’ (2018) 10(4) Earth System Science Data 2141.
Mgbemene CA, Nnaji CC and Nwozor C, ‘Industrialization and its Backlash: Focus on Climate Change and its Consequences’ (2016) 9(4) Science of The Total Environment 301.
Pill M, ‘Towards a funding mechanism for loss and damage from climate change’ (2022) Climate Policy, ANU, Vol 35.
Pill M and Hammersley G, ‘A Climate Loss and Damage Fund That Works’ (Lowy Institute, 2024) accessed 10 December 2024.
Simpa P, Solomon N, Adenekan OA and Obasi SC, ‘Strategic Implications of Carbon Pricing on Global Environmental Sustainability and Economic Development: A Conceptual Framework’ (2024) 6(5) International Journal of Advanced Economics 139.
Wadanambi RT, Wandana LS, Chathumini KKGL and others, ‘The Effects of Industrialization on Climate Change’ (2020) 1(4) Faculty of Technology, University of Sri Jayewardenepura 86.
Watanabe R and Mez L, ‘The Development of Climate Change Policy in Germany’ (2004) 5(1) International Journal of Global Warming 109.
Williams ID and Blyth M, ‘Autogeddon or Autoheaven: Environmental and Social Effects of the Automotive Industry from Launch to Present’ (2023) 858 Science of The Total Environment.
Websites and Online Media
Bouramdane A, ‘Lessons Learned from International Climate Negotiations’ (2020) ResearchGate accessed 15 May 2024.
Climate Watch, ‘USA GHG Emissions’ accessed 15 May 2024.
CEDARE Team,” Analysis of the Key Outcomes of the United Nations Climate Change Conference – COP30” (CEDARE, 2025) < https://2025.cedare.org/analysis-of-the-key-outcomes-of-the-united-nations-climate-change-conference-cop30/?utm_source=chatgpt.com>13/04/2026.
David Imolore, ‘The Impact of Deforestation on the Amazon Rainforest’ (Fund the Planet, 2023) accessed 16 May 2024.
Hannah Ritchie, ‘Deforestation and Forest Loss’ (2021) OurWorldInData.org accessed 14 May 2024.
Hannah Ritchie, ‘The Death of UK Coal in Five Charts’ (2019) OurWorldInData.org accessed 14 May 2024.
Lindsey R, ‘Climate Change: Atmospheric Carbon Dioxide’ (2024) NOAA
Masterson V, Hall S and North M, ‘Sea Level Rise: Everything You Need to Know’ (2024) World Economic Forum
UNDP, ‘Loss and Damage Fund for Developing Countries’ (2024) accessed 24 October 2024.
World Economic Forum, ‘COP28 Agrees to Establish Loss and Damage Fund for Vulnerable Countries’ (2023)
Miscellaneous / Other
Climate Action Network (CAN), Global Campaign to Demand Climate Justice (DCJ), and Women and Gender Constituency (WGC), ‘Proposed Governing Instrument: Loss and Damage Fund’ (2023).
Donors’ Influence on Developing Countries’ Procurement Systems, Rules and Markets: A Critical Analysis, in Quinot G and Arrowsmith S (eds), Public Procurement Regulation in Africa (CUP 2013) 219.
Charter of the United Nations (adopted 26 June 1945, entered into force 24 October 1945) 1 UNTS XVI, arts 55–56.
UN Framework Convention on Climate Change (adopted 9 May 1992, entered into force 21 March 1994) 1771 UNTS 107, art 3; Paris Agreement (adopted 12 December 2015, entered into force 4 November 2016) TIAS No 16-1104, art 2(2).
Legality of the Threat or Use of Nuclear Weapons (Advisory Opinion) [1996] ICJ Rep 226, [29]; Pulp Mills on the River Uruguay (Argentina v Uruguay) (Judgment) [2010] ICJ Rep 14, [101].
Barcelona Traction, Light and Power Company, Limited (Belgium v Spain) (Second Phase Judgment) [1970] ICJ Rep 3, 32–33.
UN Framework Convention on Climate Change (adopted 9 May 1992, entered into force 21 March 1994) 1771 UNTS 107, preamble.
Human Rights Committee, General Comment No 36: Article 6 (Right to Life), UN Doc CCPR/C/GC/36 (30 October 2018) [62]; UN Charter, art 1(1).
Institutional and Policy Publications
Adaptation Fund, ‘About the Adaptation Fund’ (2024)
Arthur G, ‘Despite Security Threats, India’s Defense Budget Remains Static’ (2024) Defense News
Congressional Research Service (CRS), ‘U.S. Foreign Aid to Israel’ (updated 18 February 2022).
CRS, ‘U.S. Security Assistance to Ukraine’ (updated 22 May 2024).
Dunne D and others, ‘COP29: Key Outcomes Agreed at the UN Climate Talks in Baku’ (CarbonBrief, 2024)
Eco-Business, ‘What Next for the New UN Climate Loss and Damage Fund?’ (6 December 2023)
Nouwens M and McGerty F, ‘China’s Defence Budget Boost Can’t Mask Real Pressures’ (2024) IISS
OECD, ‘Joint Report Explores Scope for Co-ordinated Approaches on Climate Action, Carbon Pricing, and Policy Spillovers’ (2024)
Sharp JM, ‘Egypt: Background and U.S. Relations’ (Congressional Research Service, updated 12 September 2024).
Sharp JM, ‘Jordan: Background and U.S. Relations’ (Congressional Research Service, updated 1 July 2024).
SIPRI, ‘Global Military Spending Surges Amid War, Rising Tensions and Insecurity’ (2024)
UN Climate Change, ‘COP27 Reaches Breakthrough Agreement on New “Loss and Damage” Fund for Vulnerable Countries’ (2022)
UN Climate Change, ‘Warsaw International Mechanism for Loss and Damage’
UNEP, ‘COP27 Ends with Announcement of Historic Loss and Damage Fund’ (2023)
UNEP, ‘What is Climate Finance and Why Do We Need More of It?’ (2023)
United Nations, ‘COP26: Together for Our Planet’
UNFCCC, ‘Fund for Responding to Loss and Damage’ (2024)
UNFCCC, ‘Pledges to the Fund for Responding to Loss and Damage’ (updated 26 September 2024)
UNFCCC, Report of the Fund for responding to Loss and Damage and guidance to the Fund for responding to Loss and Damage Version 13/11/2025 19:30
US Senate Committee on Armed Services (USSCAS), ‘Summary of the Fiscal Year 2024 National Defense Authorization Act’ (2024).
Waskow D and others, ‘Key Outcomes from COP29: Unpacking the New Global Climate Finance Goal and Beyond’ (2024) World Resources Institute
Books and Reports
Daniel Bodansky, Jutta Brunnée and Lavanya Rajamani, International Climate Change Law: Paris Agreement (Oxford University Press, 2017) 209.
D. Puig, E. Calliari, M. F. Hossain and others, Loss and Damage in the Paris Agreement’s Transparency Framework (University College London, 2019).
OECD, Recommendation of the Council on Guiding Principles concerning the International Economic Aspects of Environmental Policies (26 May 1972) C (72)128; Rio Declaration on Environment and Development (1992) Principle 16.
IPCC, Climate Change 2021: The Physical Science Basis (Cambridge University Press, 2021).
Philippe Sands, Principles of International Environmental Law (Cambridge University Press, 2018), ch. 8.
P W Singer, Corporate Warriors: The Rise of the Privatized Military Industry (Cornell University Press, 2007).
United Nations Development Program, A Guide to Carbon Pricing and Fossil Fuel Subsidy Reform: A Summary for Policy Makers (United Nations, 2021).
Journal Articles
Bodansky D, ‘The Paris Climate Change Agreement: A New Hope?’ (2016) 110(2) American Journal of International Law 288.
Bourban M, ‘Climate Change, Human Rights and the Problem of Motivation’ (2014) 1 De Ethica: A Journal of Philosophical, Theological and Applied Ethics 37.
Doelle M and Seck S, ‘Loss and Damage from Climate Change: From Concept to Remedy?’ (2019) 20 Climate Policy 1.
Grossman MR, ‘Climate Change and the Individual’ (2018) 66 suppl_1 American Journal of Comparative Law 345.
Huq S and Roberts EL, ‘Coming Full Circle: The History of Loss and Damage under the UNFCCC’ (2015) 8(2) International Journal of Global Warming 141.
Le Quéré C, Jackson RB, Jones and others, ‘Global Carbon Budget 2018’ (2018) 10(4) Earth System Science Data 2141.
Mgbemene CA, Nnaji CC and Nwozor C, ‘Industrialization and its Backlash: Focus on Climate Change and its Consequences’ (2016) 9(4) Science of The Total Environment 301.
Pill M, ‘Towards a funding mechanism for loss and damage from climate change’ (2022) Climate Policy, ANU, Vol 35.
Pill M and Hammersley G, ‘A Climate Loss and Damage Fund That Works’ (Lowy Institute, 2024)
Simpa P, Solomon N, Adenekan OA and Obasi SC, ‘Strategic Implications of Carbon Pricing on Global Environmental Sustainability and Economic Development: A Conceptual Framework’ (2024) 6(5) International Journal of Advanced Economics 139.
Wadanambi RT, Wandana LS, Chathumini KKGL and others, ‘The Effects of Industrialization on Climate Change’ (2020) 1(4) Faculty of Technology, University of Sri Jayewardenepura 86.
Watanabe R and Mez L, ‘The Development of Climate Change Policy in Germany’ (2004) 5(1) International Journal of Global Warming 109.
Williams ID and Blyth M, ‘Autogeddon or Autoheaven: Environmental and Social Effects of the Automotive Industry from Launch to Present’ (2023) 858 Science of The Total Environment.
Websites and Online Media
Bouramdane A, ‘Lessons Learned from International Climate Negotiations’ (2020) ResearchGate
Climate Watch, ‘USA GHG Emissions’
CEDARE Team,” Analysis of the Key Outcomes of the United Nations Climate Change Conference – COP30” (CEDARE, 2025) < https://2025.cedare.org/analysis-of-the-key-outcomes-of-the-united-nations-climate-change-conference-cop30/?utm_source=chatgpt.com>13/04/2026.
David Imolore, ‘The Impact of Deforestation on the Amazon Rainforest’ (Fund the Planet, 2023)
Hannah Ritchie, ‘Deforestation and Forest Loss’ (2021) OurWorldInData.org
Hannah Ritchie, ‘The Death of UK Coal in Five Charts’ (2019) OurWorldInData.org
Lindsey R, ‘Climate Change: Atmospheric Carbon Dioxide’ (2024) NOAA
Masterson V, Hall S and North M, ‘Sea Level Rise: Everything You Need to Know’ (2024) World Economic Forum
UNDP, ‘Loss and Damage Fund for Developing Countries’ (2024)
World Economic Forum, ‘COP28 Agrees to Establish Loss and Damage Fund for Vulnerable Countries’ (2023)
Miscellaneous / Other
Climate Action Network (CAN), Global Campaign to Demand Climate Justice (DCJ), and Women and Gender Constituency (WGC), ‘Proposed Governing Instrument: Loss and Damage Fund’ (2023).
Donors’ Influence on Developing Countries’ Procurement Systems, Rules and Markets: A Critical Analysis, in Quinot G and Arrowsmith S (eds), Public Procurement Regulation in Africa (CUP 2013) 219.
How to Cite
Balliram, S. ., Pereira, E. G., & al-Masry, M. . (2026). Climate Loss, Damage Fund and Other Major Climate Funds: Analyzing the Global Disparity between Climate Finance and Military Expenditure. International Review of Law, 15(1). https://doi.org/10.29117/irl.2026.0353
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Articles in English