Developing Nations Demand Wealthy Economies Pay For Climate Damage

The leaders of several developing countries accused the oil industry and wealthy economies of driving climate change and demanded that they pay for the resultant damage.

“The oil and gas industry continues to earn almost 3 billion United States dollars daily in profits,” said the prime minister of Antigua at COP27, as quoted by Reuters.

“It is about time that these companies are made to pay a global carbon tax on their profits as a source of funding for loss and damage,” Gaston Browne said. “While they are profiting, the planet is burning.”

Another island nation leader, Vanuatu president Nikenike Vurobaravu, called on the International Court of Justice to make sure all nations commit to tackling climate change in order to ensure the rights of future generations were not violated.

The president of Senegal, meanwhile, called for more financial aid from wealthy countries for African states suffering from the effects of a changing climate and warned against calls for a shift away from fossil fuels.

“Let’s be clear, we are in favor of reduction of greenhouse gas emissions. But we Africans cannot accept that our vital interests be ignored,” Macky Sall said.

So far, the focus of COP27 seems to be on how developing nations will be compensated for floods and droughts attributed to climate change.

“We will not give up… the alternative consigns us to a watery grave,” the prime minister of the Bahamas said, as quoted by the BBC.

“I’m not here to ask any of you to love the people of my country with the same passion as I do,” Philip Davies also said, adding “I’m asking what is it worth to you to have millions of climate refugees to turn into tens of millions, putting pressure on political and economic systems around the world.”

By Irina Slav for Oilprice.com

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