Leaders from developing countries have criticized wealthy governments for driving global warming at the ongoing COP27 climate summit in Egypt. During their speeches on Tuesday, several leaders demanded that wealthy nations pay the ailing low-income economies.
Developing countries in African countries called for more funds to adapt to climate change. At the same time, small island nations called for oil companies to give out some of their profits to mitigate climate change effects.
“The oil and gas industry continues to earn almost three billion United States dollars daily in profits,” said Gaston Browne, Antigua’s prime minister on behalf of the Alliance of Small Island States. “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. While they are profiting, the planet is burning.”
Governments worldwide expressed anger at the manner in which oil companies have used the Russo-Ukrainian War to make multibillion profits. The disruption in oil supplies and the actions of oil producers have affected economies across the world.
U.S. President Joe Biden has called out oil industry players. In a statement, he said that industry players are benefiting from the war in Ukraine, making what he called “war profits.” The president has proposed a windfall tax, an idea that the United Kingdom has already imposed.
However, other countries at the conference had more frustration over rich governments than the drillers. Senegal’s President Macky Sall said that poor developing countries in Africa needed increased funding from wealthy nations to adapt to climate change effects. Further, he said that African countries would resist an immediate call to move away from fossil fuels since they are expanding their economies.
“Let’s be clear, we are in favour of the reduction of greenhouse gas emissions. But we Africans cannot accept that our vital interests be ignored,” Sall said.
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