Thu, 25 May 2023

Climate Reparations

Why in news? Recently, A new study has found that the world’s top 21 fossil fuel companies owed over US $ 5 trillion in climate reparations, to be disbursed over a 26-year period from 2025 to 2050.

About:

  • Climate reparations refer to a call for money to be paid by the developed countries to the developing countries as a means of addressing the historical contributions that the Developed countries have made (and continue to make) toward climate change.
  • Climate reparations aim to rectify climate injustice by requiring those most responsible for climate change to provide support to those who have been wronged.
  • The companies with the highest reparations: ExxonMobil, Saudi Aramco, and Shell—the companies most often accused of delaying action on climate change.
  • Principles of Climate Reparations:
    • Polluter pays principle (Polluters should be held liable for the costs of remedial action);
    • More responsibility of rich countries (for past historical emissions);
    • Reparations-based approach to climate refugees;
    • Rich countries should provide financial and technological support to developing nations.

https://www.downtoearth.org.in/news/climate-change/world-s-top-21-fossil-fuel-companies-owe-5-444-billion-in-climate-reparations-study-says-89493

 

Choose Newsletter

Have questions about a course or test series?

unread messages    ?   
Ask an Expert

Enquiry

Help us make sure you are you through an OTP:

Please enter correct Name

Please authenticate via OTP

Please enter correct mobile number
Please enter OTP

Please enter correct Name
Please enter correct mobile number

OTP has been sent.

Please enter OTP