An annual transfer of funds from rich to poor countries, starting at around $2 trillion by 2030 and rising thereafter, is needed for climate “justice” according to a U.N.-backed report released Tuesday. “Rich countries should recognize that it is in their vital self-interest — as well as a matter of justice given the severe impacts caused by their high levels of current and past emissions — to invest in climate action in emerging market and developing countries,” said one of the report’s leads, economist Nicholas Stern, who also authored a landmark report on the economics of climate change.
It calls for grants and low-interest loans from the governments of developed countries to double from about $30 billion annually today to $60 billion by 2025, AFP reports. “These sources of finance are critical for emerging markets and developing countries to support action on restoring land and nature, and for protecting against and responding to the loss and damage due to climate change impacts,” the authors said. U.N. Secretary-General Antonio Guterres has already lamented the world is in peril as never before. He told COP27 delegates the latest State of the Global Climate report is a chronicle of climate chaos, adding “We must answer the planet’s distress signal with action — ambitious, credible climate action.”
China has been specifically excluded from the demand for reparations, which includes taxes for fossil fuel companies on their global “carbon profits,” even as the Communist state’s greenhouse gas emissions now exceed the entire rest of the developed world combined.