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Climate change is causing measurable harm globally1,2. Political and legal efforts seek to link these damages with specific emissions, including in discussions of loss and damage (L&D)3,4; however, no quantitative definition of L&D exists5,6, nor is there a framework to link past and future emissions from specific sources to monetized, location-specific damages. Here we develop such a framework, which is integrated with recent efforts to estimate the social cost of carbon7. Using empirical estimates of the non-linear relationship between temperature and aggregate economic output, we show that future damages from past emissions—one component of L&D—are at least an order of magnitude larger than historical damages from the same emissions. For instance, one tonne of CO2 emitted in 1990 caused US$180 in discounted global damages by 2020 ($40–530) and will cause an additional $1,840 through 2100 ($500–5,700). Thus, settling debts for past damages will not settle debts for past emissions. In other illustrative esti

Freshwater availability is changing worldwide. Here we quantify 34 trends in terrestrial water storage observed by the Gravity Recovery and Climate Experiment (GRACE) satellites during 2002–2016 and categorize their drivers as natural interannual variability, unsustainable groundwater consumption, climate change or combinations thereof. Several of these trends had been lacking thorough investigation and attribution, including massive changes in northwestern China and the Okavango Delta. Others are consistent with climate model predictions. This observation-based assessment of how the world’s water landscape is responding to human impacts and climate variations provides a blueprint for evaluating and predicting emerging threats to water and food security. Analysis of 2002–2016 GRACE satellite observations of terrestrial water storage reveals substantial changes in freshwater resources globally, which are driven by natural and anthropogenic climate variability and human activities.