The United Nations declared that an annual transfer of funds from rich to poor countries, starting at around $2 trillion by 2030 and rising thereafter, is needed for climate “justice,” according to a U.N.-backed report released Tuesday.
China has been specifically excluded from the demand for reparations, which includes taxes for fossil fuel companies on their global “carbon profits,” even as the Communist state’s greenhouse gas emissions now exceed the entire rest of the developed world combined.
The first one trillion dollars alone should come from rich countries, investors and multilateral development banks, declared the analysis commissioned by Britain and Egypt. A further $1.4 trillion must then originate domestically from private and public sources.
“Rich countries should recognise that it is in their vital self-interest — as well as a matter of justice given the severe impacts caused by their high levels of current and past emissions — to invest in climate action in emerging market and developing countries,” wrote one of the report’s leads, economist Nicholas Stern.
It calls for grants and low-interest loans from the governments of developed countries to double from about $30 billion annually today to $60 billion by 2025.
“These sources of finance are critical for emerging markets and developing countries to support action on restoring land and nature, and for protecting against and responding to the loss and damage due to climate change impacts,” the authors said.