Page 40 - Msingi Afrika Magazine Issue 18

Economy

while displacing more than 216
million from their homes and land
by 2050.

Meanwhile, poorer countries – who
have contributed least to cumulative
GHG emissions – continue to suffer
most. To address climate injustice,
rich countries – most responsible
for GHG emissions and global
warming – must do much more.
Mia Mottley, the Prime Minister of Barbados delivers a powerful
speech at the COP26 summit, Glasgow. Their finance for developing
countries ought to be much more
ambitious than US$100bn year-
ly. Financing terms should be far
“scam”, “nothing more than an Low-lying small island nations –
expensive cover-up for continued from the Marshall Islands to Fiji and more generous than currently. Also,
toxic emissions”. Trading non-verifi- Antigua – fear losing much of their funding should prioritize adaptation,
able offsets – supposedly to achieve land to rising sea levels. But their especially for the poorest countries
net-zero – allows continuing GHG longstanding call to create a ‘loss most at risk.
emissions with business almost as and damage’ fund was rejected yet
usual. again.

Loss and damage? South Pacific island representatives
Vulnerable and poor nations have have expressed disappointment
argued for decades that rich coun- at lack of funding for losses and
tries owe them compensation for damages, and the watered down
irreversible damage from global language on coal. For them, COP26
warming. In fact, no UN climate was a ‘monumental failure’, leaving
conference has delivered any them in existential peril.
funding for losses and damages to Although historical responsibility
countries affected. for GHG emissions lies primarily
with the wealthy countries, especially
Rich countries agreed to begin a the US and the European Union,
‘dialogue’ to discuss “arrangements once again, they have successfully
for the funding of activities to avert, evaded serious commitments to
minimize and address loss and address such longstanding problems
damage”. Representing developing due to global warming.
nations, Guinea expressed “extreme
disappointment” at this ruse to Climate injustice
delay progress on financing recovery For the UN Secretary-General, “[o]
from and rebuilding after climate ver the past 25 years, the richest
disasters. 10% of the global population has
been responsible for more than half
Developed nations account for of all carbon emissions, and the
two-thirds of cumulative emissions poorest 50% were responsible for
compared to only 3% from Africa. just 7% of emissions”.
Carbon emissions by the wealthiest
1% of the world’s population were The World Bank estimates that, if
more than twice those of the bot- left unchecked, climate change will
tom half between 1990 and 2015! condemn 132 million more people
into poverty over the next decade,

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