Loss and damage pertains to those impacts of climate change which cannot be adapted to, and therefore result in net losses. Currently there is no international protocol describing with whom responsibility on this matter lies, or how to address it.
There is currently good data documenting how losses and damages, as a result of extreme events, have increased However it needs to be appreciated that much of that which will be potentially lost or damaged as a result of climate change cannot be accurately captured in economic terms. The fact that non-economic losses and damages are difficult to assess, quantify and aggregate means that they may well be excluded from policy discussions. Such exclusion will result in an underestimation of the potential costs of climate change, thereby compromising our decision-making ability on how to respond to climate change, with potentially significant implications for both social justice and human well-being.