{"id":191588,"date":"2023-12-05T19:20:11","date_gmt":"2023-12-05T23:20:11","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=191588"},"modified":"2023-12-05T19:20:11","modified_gmt":"2023-12-05T23:20:11","slug":"tax-oil-firms-to-pay-for-climate-damage-island-nations-say","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/tax-oil-firms-to-pay-for-climate-damage-island-nations-say\/","title":{"rendered":"Tax oil firms to pay for climate damage, island nations say"},"content":{"rendered":"
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A group of small island nations has joined calls for a windfall tax on oil companies to\u00a0compensate developing countries<\/a>\u00a0for the damage caused by climate change-induced natural disasters.<\/p>

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Developing nations have pressed their case at the\u00a0UN\u2019s COP27 climate summit<\/a>\u00a0in Egypt for the creation of a\u00a0\u201closs and damage\u201d fund<\/a>, arguing that rich nations are to blame for the biggest share of greenhouse gas emissions.<\/p>\n

end of list<\/span><\/div>\n

Climate injustice is a major theme of the climate summit, and anger on Tuesday was directed at the oil industry, whose multibillion-dollar profits since\u00a0Russia\u2019s invasion of Ukraine<\/a>\u00a0in February have led to anger across a world concerned about climate change and rampant consumer inflation.<\/p>

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On Tuesday, the host of the COP27 climate talks launched a 30-point plan to help the world\u2019s poorest communities withstand the impacts of global warming. The plan seeks to disburse up to $300bn a year from private and public investors.<\/p>

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\u201cThe COP27 presidency has long articulated our commitment to bringing together state and non-state actors to progress on adaptation and resilience for the 4 billion people that live in the most climate vulnerable regions by 2030,\u201d the summit\u2019s president and Egypt\u2019s minister of foreign affairs, Sameh Shoukry, said in a statement.<\/p>\n

US President Joe Biden this month said the industry was raking in \u201cwar profits\u201d and proposed a windfall tax, an idea that has little chance of passing a divided Congress.<\/p>

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\u201cIt is about time that these companies are made to pay a global COP carbon tax on these profits as a source of funding for loss and damage,\u201d Gaston Browne, the prime minister of Antigua and Barbuda, told fellow leaders at the summit in the seaside resort of Sharm el-Sheikh.<\/p>\n

\u201cWhile they are profiting, the planet is burning,\u201d said Browne, who spoke on behalf of the 39-nation Alliance of Small Island States, many of whose very existence is threatened by rising sea levels and increasingly intense tropical storms.<\/p>

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Barbados Prime Minister Mia Mottley called Monday for a 10 percent tax on oil companies to fund loss and damage.<\/p>

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The contentious issue of loss and damage was added to the COP27 agenda after intense negotiations.<\/p>\n

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The United States and European Union have dragged their feet on the issue in the past, fearful of creating an open-ended reparations regime.<\/p>\n

\u2018Toxic cover-up\u2019<\/h2>\n

Earlier in the day, the UN chief called for an end to a \u201ctoxic cover-up\u201d by companies as a sweeping report said they cannot claim to be net zero if they invest in new fossil fuels, cause deforestation or offset emissions instead of reducing them.<\/p>\n

\u201cUsing bogus \u2018net-zero\u2019 pledges to cover up massive fossil fuel expansion is reprehensible. It is rank deception,\u201d Antonio Guterres said.<\/p>\n

\u201cThis toxic cover-up could push our world over the climate cliff,\u201d he said. \u201cThe sham must end.\u201d<\/p>\n

\u2018Fossil fuel non-proliferation\u2019<\/strong><\/h2>\n

Browne acknowledged that putting loss and damage on the agenda was \u201cjust one step\u201d in the process, which gives a two-year space to negotiate.<\/p>\n

\u201cWe look forward to the establishment and officialisation of the fund by 2024,\u201d he said.<\/p>\n

Browne also said a group of four island nations had registered a commission with the UN to \u201cexplore the responsibility of states for injuries arising from their climate actions and breaches in the obligations\u201d.<\/p>\n

\u201cAs small countries this is a new dynamic pathway of justice where the polluter pays,\u201d he said.<\/p>\n

Browne said small island states \u201cwill fight unrelentingly this climate crisis, and this includes fighting in the international courts and under international law\u201d.<\/p>\n

Another island nation, Tuvalu, announced it was joining calls for a fossil fuel non-proliferation treaty, an initiative that seeks to stop new investments in coal, oil and gas and phase out production.<\/p>\n

\u201cThe\u00a0warming seas are starting to swallow our lands<\/a>\u00a0\u2013 inch by inch,\u201d Tuvalu Prime Minister Kausea Natano said in a statement.<\/p>\n

\u201cBut the world\u2019s addiction to oil, gas and coal can\u2019t sink our dreams under the waves,\u201d he said.<\/p>\n

A Pacific neighbour, Vanuatu, was the first nation to join the treaty in September.<\/p>\n

\u201cVanuatu and Tuvalu are the first countries to call for a new treaty as a companion to the Paris Agreement to align oil, gas and coal production with a global carbon budget,\u201d said Tzeporah Berman, chairwoman of the Fossil Fuel Non-Proliferation Treaty initiative.<\/p>\n

\u201cWe will look back on this in history as the moment of reckoning with overproduction that is locking in further emissions and holding us back from bending the curve,\u201d Berman said.<\/p>\n

Billions for war<\/h2>\n

Sri Lankan President Ranil Wickremesinghe said governments were quick to divert billions of dollars to the war in Ukraine but slow to spend serious money on climate change.<\/p>\n

\u201cDouble standards are unacceptable,\u201d he said.<\/p>\n

Scores of other heads of state and government spoke on Monday and Tuesday but many of the world\u2019s biggest polluters \u2013 including the US, China and India \u2013 have yet to take the podium.<\/p>\n

Biden will not arrive until Friday \u2013 after Tuesday\u2019s\u00a0midterm elections in the US<\/a>.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

A group of small island nations has joined calls for a windfall tax on oil companies to\u00a0compensate developing countries\u00a0for the damage caused by climate change-induced natural disasters. 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