Pakistan and other countries “increase loan-type debt”
Developed Countries Reject “Unexpected Tax on Energy Companies”
On 8 (local time), the second day of the 27th United Nations Framework Convention on Climate Change (COP27), leaders of developing countries called for responsible compensation from advanced countries.
Pakistani Prime Minister Shebaz Sharif stressed that developed countries, which should be held accountable for the climate crisis, should help developing countries that are affected by it, but stressed that “it should not be a lending method that throws developing countries in the debt trap “. Pakistan suffered extensive damage in June when a third of its land was submerged in water, killing 1,700 people.
South African President Cyril Ramaphosa also stressed that the climate financing methods of multinational development banks are risk averse and inaccessible with accompanying conditions. “Loan providers need to change the way they finance climate change projects,” he said.
Some argue that the windfall tax should be passed on to energy companies that make a lot of money from rising fossil fuel prices and used to support developing countries. Prime Minister Gaston Brown of the Caribbean island nation of Antigua and Barbuda said: “It is time to impose a carbon tax on the profits of those companies and use them as a source of funds to compensate for ‘loss and damage.’ We will take it to international law and return it to polluting countries, ”he added.
However, developed countries have drawn a line in the discussion of unexpected taxes. German Chancellor Olaf Scholz stressed that “this should not be a place to enact (new) tax regulations, but a place to jointly create measures to combat the consequences of climate change”.
Meanwhile, US climate envoy John Kerry interviewed the Wall Street Journal (WSJ) and attracted attention by revealing that he met with China’s special envoy for climate change Xie Feng. Special Special Envoy Kerry predicted that a meeting between US President Joe Biden and Chinese President Xi Jinping “could lead to a breakthrough.” The two leaders will attend the G20 summit to be held in Bali, Indonesia on the 15th. The two-day climate summit was attended by leaders from more than 100 countries, but 9 of the top 10 greenhouse gas emitting countries responsible for climate change they have lost meaning.
The reporter Seulgi Lee
