The profits for oil and gas companies have reached truly staggering proportions. A simple levy could funnel money to the global south, says former UK prime minister Gordon Brown
Petrostates like Saudi Arabia and Norway have made staggering oil and gas profits. A simple levy could funnel money to the countries that need itfter a summer of ever-more deadly floods, droughts and firestorms, two autumn summits – the G20 and the UN general assembly – have come and gone. Both failed to deliver the long-promised global plan to finance climate mitigation and adaptation.
The windfall has given energy exporters, including the Gulf states and Norway, nearly $1tn of earnings from their foreign sales alone, and the failure to recycle a fraction of these gains to the world’s poorest countries is one of the great scandals of our times. He has called on the wealthiest countries to “show me the money” to meet “long overdue” financing pledges. But with the conference on a pathway to failure due to a lack of finance, it is Al Jaber’s country that now has the responsibility and opportunity to be the first mover in delivering to the global south.
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