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