Developing nations demand rich countries pay for climate change

Leaders from developing countries have accused wealthy nations and the energy industry of triggering climate change and demanded compensation for the damage it has inflicted on their economies.

While oil and gas companies are reaping the benefits, small island states are being devastated by ocean storms caused by rising sea levels, they say.

Speaking at the COP27 climate summit in Egypt on Tuesday, Antigua and Barbuda Prime Minister Gaston Browne noted that “oil and gas industry continues to earn almost $3 billion daily in profits,” while “the planet is burning.”

“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,” Browne added.

Poor nations point at the hypocrisy of their wealthier counterparts, which are the most vocal advocates of slashing emissions while themselves being the biggest polluters following a century of fossil fuel-driven industrialization. Developing countries are now asking how they will be compensated for the floods and droughts attributed to climate change.

“I’m not here to ask any of you to love the people of my country with the same passion as I do,” said the prime minister of the Bahamas, Philip Davis. “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.”

Meanwhile, Senegalese President Macky Sall admitted that his country’s economy is unable to shift away from fossil fuels immediately but said that poorer developing countries in Africa needed increased funding from wealthy nations in order to adapt to the worsening climate.

“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,” he said.

For more stories on economy & finance visit RT's business section