A climate justice plan to achieve "net zero" by 2050
A new study finds the top 5 CO₂ emitting countries could be liable to pay $170 trillion in compensation for their role in causing climate change.
A new study published in Nature Sustainability has analysed the CO₂ emissions for 168 countries and proposed an evidence-based compensation mechanism that could help the world decarbonise from current levels to ‘net zero’ by 2050.
The study found that wealthy, industrialised nations of the global North are responsible for 90% of excessive levels of carbon dioxide emissions and could be liable to pay a total of $170 trillion in compensation or reparations to ensure climate change targets are met by 2050.
These funds could amount to an annual transfer of nearly $6 trillion (about 7% of annual global GDP for these countries), which the study says should be distributed to low-emitting countries, such as India and Nigeria, as compensation for decarbonising their economies far more rapidly than would otherwise be required.