The Global South is eligible for $170 trillion

The industrialized Nordic countries bear the main responsibility for climate change. However, it is primarily the Global South that suffers the consequences. A study of the financial balance.

This article lies IPPEN. MEDIA As part of the collaboration with ESG.Table Professional Briefing Before – posted it for the first time search on June 7, 2023.

LEDES – In order to compensate for their excessive emissions of greenhouse gases, the industrialized countries of the North will have to compensate the countries of the Global South with US$170 trillion. This is the conclusion reached by a research group led by Andrew Fanning of the University of Leeds in Britain. Their study was published in the journal Nature Sustainability on Monday.

For their calculations, scientists have developed a model that assumes that the Earth’s atmosphere is a natural resource that is equally available to everyone. “It is a matter of climate justice that countries that we require to rapidly decarbonize their economies, while not responsible for excessive emissions that destabilize the climate, be compensated for this unfair burden,” Fanning says.

Climate change: The United States will have to pay the highest compensation payments

Using data from the Intergovernmental Panel on Climate Change (IPCC), the research team compared historical carbon dioxide emissions since 1960 with projected emissions through 2050. In this way, it was possible to work out how much carbon dioxide each country might emit, based on on its population, over these 90 years in order to get a fair share of the global carbon budget. For their future calculations, the researchers assumed that all countries actually adhere to the goal of limiting global warming to less than 1.5 degrees and achieving net zero emissions in 2050. According to this, a total of 1.8 trillion tons of carbon dioxide could still be emitted.

According to the study, the United States will have to pay a higher compensation of around $80 trillion. And the size of the European Union, including Great Britain, will reach 46 trillion US dollars. The burden for Germany will reach 4,619 euros per person and year by 2050. This will be the second highest level after the United States, followed by Russia, the United Kingdom and Japan. On the other hand, India, as the largest beneficiary, is entitled to $57 trillion in compensation payments. In second place will be China with 15 trillion dollars. Followed by Indonesia, Pakistan and Nigeria. the chapter