By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    G7 finance leaders seek non-tariff consensus in Canada, may face US pushback
    Ahead G7 Summit, Finance Ministers Seek Non-tariff Consensus In Canada, May Face US Pushback
    2 weeks ago
    Over 28,000 Women And Girls Killed In Gaza Since October 2023
    2 weeks ago
    Global Aid Cut
    New Report Reveals How Global Aid Cuts Affecting Women’s Organisations Aiding Women In Crises
    3 weeks ago
    UNICEF Raises Alarm Over 14m Children Worldwide At Risk Of Malnutrition
    2 months ago
    United Nations for Women
    In 8 Days, 830 Killed In Gaza – UN Women Raises Alarm
    2 months ago
  • Africa
    Africa
    Show More
    Top News
    Algerian Economy: Staying the Course for Transition -World Bank
    2 years ago
    In Niger, Child Marriage Takes Toll On Education
    2 years ago
    Pope Francis
    Ghana Strengthens Diplomatic Ties With Vatican As Akufo-Addo Visits Pope
    2 years ago
    Latest News
    Public Exit: Why South Africa Businesses Are Moving To Private Cloud
    23 hours ago
    Cameroon Tops List Of World’s Most Neglected Displacement Crises
    3 days ago
    ECOWAS Marathon Race Director Okon Congratulates Commission on 50th Anniversary
    1 week ago
    Africa Day: Majority of Africans Want African Nations Be Given Greater Influence In International Decision-making Bodies
    2 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Mrs Sanwo-Olu Meets Lagos Artisans, Political Groups, Disabled On PVC, BIVAS
    2 years ago
    Lagos Speaker Obasa Wins Agege Constituency 1 House of Assembly Election
    2 years ago
    Female National Assembly Members Visit First Lady, Mrs Tinubu
    2 years ago
    Latest News
    LG Election: Stakeholders Appeal To APC Not To Allow Chairmen Run For 3rd term
    1 month ago
    More APC Chairmanship Aspirants Reject Indirect Primary For Local Govt Elections In Lagos State
    1 month ago
    Youth Party Sets May 18 for Lagos LG Primary Elections, Slashes Fees For Women and PWDs
    2 months ago
    Oyo State Faces Herculean Task in Picking Makinde’s Successor – Chief Ayorinde
    3 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    12 months ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    IMSUAA 2025 Convention Theme Unveiled As La-Ghost Speaks On Prospects of Heartland 2025
    11 minutes ago
    Former EFCC Boss, Bawa Unveils Explosive Book On Nigeria’s Fuel Subsidy Fraud
    2 days ago
    IMSUAA 2025: La-Ghost And Starblaze Could Draw Inspiration From Convention Theme
    3 days ago
    IMSUAA 2025 Convention: Two Artistes From Lagos Chapter To Light Up Event
    2 weeks ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Multichoice Nigeria Launches ‘M-Net All Black Entertainment’ Pop-Up Channel This Festive Season
    2 years ago
    GOtv
    Jumanji, WWE Hall of Fame, Other Exciting Content Lined Up for you This Easter Holiday on GOtv
    2 years ago
    Nigerian Idol S8: Chisom Evicted On A Weekend Of Surprises
    2 years ago
    Latest News
    MultiChoice Africa x African Storytelling: How Local Content Shapes Local Culture
    23 hours ago
    Nigerian Idol Season 10 Live Shows Are Underway as the Top 10 Battle for Stardom
    1 week ago
    Nigeria Strengthens Fight Against Content Piracy Through Strategic Partnerships
    2 weeks ago
    Prestige, Impact: Why AMVCA is the People’s Award Show
    4 weeks ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Tinubu Promises More Investment In Art And Culture
    9 months ago
    Radisson Hotel Group Announces Three New Hotels In Nigeria
    2 years ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    2 months ago
    Latest News
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    1 week ago
    Yemisi Shyllon Museum of Art and Toledo Museum of Art Launch Historic Cultural Exchange
    4 weeks ago
    Piracy in Africa’s Creative Sector: How Creators Can Protect Their Content
    2 months ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
    2 weeks ago
    Afreximbank
    Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations
    2 weeks ago
    Pan-African Payment & Settlement System
    Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost
    4 weeks ago
    Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy
    4 weeks ago
    Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform
    1 month ago
  • Health
    Health
    Show More
    Top News
    Record Admissions At Médecins Sans Frontières hospital in Dagahaley, Dadaab, As Humanitarian Situation Deteriorate
    2 years ago
    Akeredolu Leads Other Dignitaries To Commission Multi-specialist Hospital In Akure
    2 years ago
    The blood lines: How blood donors are saving lives in Ghana
    2 years ago
    Latest News
    Apepa or Arterial Blockage? The Urgency of Self-Care After 45 By Babafemi Ojudu
    16 hours ago
    Roche Launches Diagnostics Operations In Nigeria,
    3 days ago
    Alimosho Football Coaches Council Set For Health, Safety Business Workshop
    2 weeks ago
    World Hypertension Day: Merck Foundation Commits To Improving Cardiovascular And Diabetes Care Across Africa
    3 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Climate Debt: Nigerian Activists, Others Demand $5 Trillion From Rich Countries
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Metro > Climate Debt: Nigerian Activists, Others Demand $5 Trillion From Rich Countries
Metro

Climate Debt: Nigerian Activists, Others Demand $5 Trillion From Rich Countries

Last updated: 2024/09/21 at 4:46 PM
9 months ago
Share
SHARE

BY OJO SAMSON AYOMIDE

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 say 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.

- Advertisement -
Ad imageAd image

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.

Gina Cortés Valderrama, Co-Facilitator UNFCCC Women and Gender Constituency, said: “For too long, climate finance has been framed as an act of benevolence from the rich to the poor. But what we truly face is an ecological crisis fueled by imperialism and militarism, underpinned by centuries of continued colonial exploitation.

“At COP29 it’s time to reframe climate finance as a matter of justice, not charity. The Global North owes an ecological debt, and their financial obligation must be paid up by providing grant support – not more loans that trap the majority of the world in unsustainable debt that undermines human rights and force austerity measures that reduce social protections, pushing women and LGBTQIAGnC persons deeper into inequality and capitalist exploitation. Climate finance cannot continue to be a tool for control – it must be an instrument of reparative justice.”

Despite countries agreeing at last year’s COP28 in Dubai to transition away from fossil fuels, the Global North continues to focus on its own economic growth with new oil, gas and coal expansion instead of the necessary rapid reduction in emissions or the necessary scaled-up finance. This just adds to their growing climate debt. They should stop all expansion and new investment plans for fossil fuels.

Lidy Nacpil, Coordinator of the Asian Peoples Movement on Debt and Development and the Global Campaign to Demand Climate Justice, said: “It is unconscionable that Global North governments have continuously rejected their responsibility to deliver adequate climate finance for the Global South. If developed nations are serious about solving the problem of climate change, as they claim to be, they should agree to a climate finance target that covers the costs of mitigation, adaptation, just transition, and loss and damage. The Global South is owed trillions–not billions.”

You Might Also Like

Kogi Gov Activates Action On COP29 Outcome, To Set Up Climate Change Agency

IMSUAA 2025: La-Ghost And Starblaze Could Draw Inspiration From Convention Theme

IMSUAA 2025 Convention: Two Artistes From Lagos Chapter To Light Up Event

Owo Security Summit Holds 26 May

Lagos Prioritises 10 SDGs To Accelerate Impact

TAGGED: Climate change, COP29
INadminNG September 21, 2024 September 21, 2024
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article NCC At Stakeholders Forum, NCC Gives Reasons Nigeria Needs 6GHz Band For high-speed Wi-Fi Internet Availability
Next Article Seamoriow U-15 Tourney: Organisers Redeem N1.5m Pledges To Winning Teams
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?