COP27: Small island nations call for windfall tax on Big Oil to pay for loss and damage

Small island nations struggling among the worst impacts of local weather change need oil giants to pay for harm from local weather change and rising sea ranges.

Immediately at COP27 Prime Minister of Antigua Gaston Browne mentioned that it was excessive time fossil gas firms have been made to pay a “international carbon tax” on their earnings as a supply of funding for loss and harm.

“Profligate producers of fossil fuels have benefited from extortionate earnings on the expense of human civilization. Whereas they're profiting, the planet is burning,” he advised attendees on the local weather convention on the second day of speeches from heads of state and authorities.

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Profligate producers of fossil fuels have benefited from extortionate earnings on the expense of human civilization.

Gaston Browne

Prime Minister of Antigua

Browne additionally identified that within the first half of this 12 months six fossil gas firms alone had made practically €70 billion in earnings - “greater than sufficient cash to cowl the prices of main local weather damages in growing nations”.

The concept for a windfall tax to fund loss and harm was proposed by UN Secretary-Normal Antonio Guterres on the primary day of the local weather convention.

“Those that contributed least to the local weather disaster are reaping the whirlwind sown by others,” he mentioned.

“[This is why] I'm asking that every one governments tax the windfall earnings of fossil gas firms.”

Guterres mentioned that the cash must be redirected to these combating rising meals and power costs, in addition to international locations going through loss and harm brought on by the local weather disaster.

Collective motion to cut back emissions and funding for loss and harm

Talking on behalf of the Alliance of Small Island States (AOSIS), the Prime Minister of Antigua additionally referred to as for an finish to fossil gas subsidies and collective motion to cut back emissions.

“Financing to deal with loss and harm and a recommitment to preserving 1.5 alive within the face of the present power disaster, are the important thing crucial success components of COP27.”

Different members of AOSIS echoed Browne on the injustices for these on the frontlines of the local weather disaster.

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Our contribution within the destruction of the planet is minimal, but we undergo essentially the most.

Wavel Ramkalawan

President of Seychelles

“Like different islands, our contribution within the destruction of the planet is minimal, but we undergo essentially the most,” mentioned Wavel Ramkalawan, President of Seychelles.

He added that the carbon emissions of Seychelles have been very low and cleaned up by mangroves and seagrass meadows. Ramkalawan mentioned it makes the nation a “zero contributor to the destruction of the planet”.

“And but, our islands are disappearing and our coasts are being destroyed.”