Rich energy companies should be forced to fork over some windfall profits to aid victims of climate change and offset rising fuel and food costs, the United Nations Secretary-General told world leaders Tuesday. The idea has already gained traction in Europe, where energy companies are enjoying extraordinary profits as a result of supply shortages due to the Russia-Ukraine war. Guterres also called for developed nations to pay for the loss and damage happening in poorer nations, which do little to contribute to climate change but suffer the worst effects. Many smaller nations were left disappointed at the previous summit last year when richer countries, such as the United States and in Europe, rejected demands for loss and damage compensation. Earlier this year, COP27 President Sameh Shoukry hoped that discussions on loss and damage at the summit would be ” comprehensive, but it is non-adversarial.”

Source: The Nation September 21, 2022 07:52 UTC