Sir, – New research from ActionAid revealed that the fossil fuel and industrial agriculture sectors, both major contributors to the climate crisis, are receiving an astonishing €6.98 billion annually in subsidies from countries in the Global South.
Shockingly, this sum could fund primary education for every child in sub-Saharan Africa more than 3.5 times over. This siphoning of public funds from Global South governments – largely by Global North corporations responsible for driving the climate crisis – is extraction and exploitation.
This injustice has two sides. Wealthy countries bear the greatest responsibility for creating the climate crisis, yet they are failing to make meaningful progress in reducing their emissions and are reneging on climate finance commitments to the countries suffering most from the impacts of their actions.
Each month in the first half of 2024 broke previous global temperature records, and it is increasingly likely this year will be the hottest on record. The harsh reality is that communities across the Global South, who bear little responsibility for the emissions causing this crisis, continue to suffer the worst impacts of climate change.
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Women, girls, marginalised groups, and indigenous peoples are disproportionately affected. Women and children are 14 times more likely to die in climate disasters than men, and 80 per cent of people displaced by such events are women.
Governments worldwide need to accelerate the transition to green, resilient, and people-centred climate solutions, such as renewable energy and agroecology. The corporate capture of public finance is locking Global South countries into harmful development pathways that drive land grabs, pollute communities, undermine food sovereignty and exacerbate the injustice of climate change.
A new and ambitious climate finance target must be agreed at Cop29. Ireland must also step up. It is commendable that Ireland provides climate finance grants rather than loans to affected countries, but we are still falling far short of our fair share of climate finance. Previous research by ActionAid Ireland revealed that Ireland is a significant hub for global institutional investments in fossil fuels and industrial agriculture, with €5.7 billion in bonds and shares tied to climate-harming activities in the Global South as of September 2023.
The time for real action is now. We cannot afford further delay. – Yours, etc,
KAROL BALFE,
Chief executive,
ActionAid Ireland,
Dublin 1.