Climate debt: Nigerian activists, others demand $5 trillion from rich countries

By Mashe Umaru Gwamna

Activists in Nigeria and the rest of the world are holding hundreds of climate actions today to call on governments in the Global North to pay up $5 trillion annually as a down payment towards their climate debt to the countries, people and communities of the Global South who are the least responsible for climate disaster but are the most affected.
The Global North consists of the world’s developed countries, whereas the Global South comprises the world’s developing countries and least developed ones.
Climate activists said, “wealthy countries, responsible for over 75% of global accumulated emissions since the start of industrialisation, have an obligation to support developing countries’ climate action and pay for climate adaptation, the loss and damage caused by the impacts of climate disaster, and for a just transition away from fossil fuels to renewable energy and climate-resilient societies.
“A 2023 study shows that by 2050 the Global North will owe $192 trillion in fair reparations to the Global South – even if the planet can limit warming to an average 1.5°C.
“That breaks down to an annual climate debt of US$5 trillion owed by wealthy countries to poorer ones.
“The protest actions represent the climax of a global week of action ahead of Climate Week NYC, with civil society groups calling on rich countries to pay compensation for their decades of reckless fossil fuel consumption that is causing rising sea levels, extreme weather events, and widespread destruction that disproportionately impacts the Global South. Africa, Asia, and Latin America, Pacific Islands & the Caribbean pay the price with lost lives, destroyed infrastructure, crop failure, landslides, and ruined livelihoods. “
Akinbode Oluwafemi, Executive Director, Corporate Accountability and Public Participation Africa (CAPPA), said: ‘’Ideally, payment for historical liabilities should be without debate.
“On the principles of fairness, equity and collective consideration, countries whose development was on the wings of carbon and at the expense of vulnerable countries in the Global South should need no force to make and increase commitment to climate finance. Since their moods are reflective of deliberate avoidance, we are committed to forcing dialogue on them.”
A new global goal on climate finance will be one of the key areas of negotiation at the UN COP29 climate summit in Baku, Azerbaijan in November. Given this climate debt, Global North countries need to come ready to commit to trillions and not billions.