Cop29 live updates: global north owes $5tn a year climate debt to global south, say campaigners

1 comment

1. From the article:

   “A huge “climate debt” is owed by the global north to the global south, according to campaigners at Cop29, writes Damian Carrington, environment editor.

   “We are asking for the down payment of a very large debt – a down payment of $5tn [a year],” said Tasneem Essop, executive director of Climate Action Network, global alliance of more than 1900 civil society organisations in over 130 countries.

   The argument is simple: rich nations prospered by burning fossil fuels and now need to fund poorer nations to avoid the same path, and cope with the severe heatwaves, floods and storms fuelled by global heating and already here.

   NGOs play a crucial role at climate summits, ensuring the voices of those most affected by the climate crisis are heard, and their participation is formally recognised by the UN. The groups are particularly important as many developing countries have small and overstretched delegations.

   “We know the debt is much larger, but $5tn is what we come here to demand,” Essop said, wearing a bright lanyard stating “Global North, pay up!! $5tn!”.

   “Governments out there are absolutely capable of finding the money that does wrong in the world,” she said. “They found the money for military spending. They found the money for the genocide in Gaza. They find the money to subsidise and support the fossil fuel industry. To come here and say that they do not have money is absolutely untruthful and unacceptable.””

Comments are closed.