GNV News, September 27, 2024

The environmental group Oil Change International described in its latest report how to secure US$5 trillion in funding for climate action. It proposes that high-income countries reduce subsidies for the oil and gas industries, tax major polluters, and crack down on tax evasion by large corporations and the wealthy. As increasingly extreme weather events around the world cause widespread damage, securing finance for climate action is an urgent priority.

When considering the causes of climate change, high-income countries that have emitted large volumes of greenhouse gases in the course of economic development bear significant responsibility. At the same time, damage from climate-related weather events tends to be more severe in low-income countries. This is because high-income countries can use developed infrastructure and funds available for emergencies to limit harm, whereas low-income countries face vulnerabilities in infrastructure and financing and thus are directly exposed to the impacts of climate change. This situation is called climate apartheid, and not only between nations: people in economically weaker positions, such as in terms of income, are more susceptible to the impacts of climate change. How sincerely high-income countries that have contributed to the causes of climate change take the contents of this report and put them into practice may become an important point of contention going forward; however, as of 2023, G20 countries, including high-income ones, have quadrupled their spending on fossil fuel subsidies compared to 2021.

Learn more about the damage the world faces from climate change → “Floods in Bangladesh: A microcosm of the world“

Learn more about how the media covers climate change → “The threat of climate change: Post-COVID coverage?“

Learn more about the impact of the wealthy on society → “Billionaires: Questioning their existence“

Oil drilling rig (Photo: cclark395 / Flickr [CC BY-NC 2.0])