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Carbon Debt
Context:
The concept of carbon debt has gained significant attention in recent years, shedding light on the historical and ongoing climate injustices faced by the Global South.
Overview of Carbon Debt:
- It refers to the financial and ecological debt that wealthy, industrialised nations (the Global North) owe to poorer, developing nations (the Global South) due to their disproportionate contribution to climate change.
- The difference between the amount of carbon emitted into the atmosphere and the amount of carbon that is removed or sequestered from it.
- This debt is a result of centuries of fossil fuel consumption and greenhouse gas emissions by the Global North, which have led to severe climate impacts disproportionately affecting the Global South.
- The Global North is responsible for over 75% of global accumulated emissions since the start of industrialisation. This has led to rising sea levels, extreme weather events, and widespread destruction that disproportionately impacts the Global South.
- This unequal dynamic has led to calls for a re-evaluation of climate responsibilities and for mechanisms that acknowledge the historical contributions of developed nations.
- Policies like the European Union’s (EU) Carbon Border Adjustment Mechanism (CBAM) and Deforestation Regulation have added new layers of complexity to the challenges faced by developing nations.
Key Components of Carbon Debt:
- Emissions from Fossil Fuels: The burning of coal, oil, and natural gas for energy is the largest contributor to carbon debt. The energy sector, transportation, and industrial processes release significant amounts of CO2.
- Deforestation: Forests act as vital carbon sinks, absorbing CO2 from the atmosphere. Deforestation for agriculture, urban development, and logging reduces the number of trees available to sequester carbon, thereby increasing carbon debt.
- Agricultural Practices: Intensive livestock farming and the use of synthetic fertilisers, also contribute to carbon emissions, further adding to carbon debt.
- Waste Management: Landfills and waste treatment processes emit methane, a potent greenhouse gas, which contributes to carbon debt.
Historical Emissions and Climate Inequity:
- The idea of carbon debt stems from the need to address the historical and ongoing emissions that have contributed to climate change.
- It can be estimated based on actual and projected emissions and the social cost of carbon, which measures the economic damage per ton of CO2 emissions.
- For instance, the climate debt for 131 countries was estimated to be around $59 trillion over the period from 1959 to 2018, with projections indicating an increase to $80 trillion by 2035.
The concept of climate equity and justice is rooted in the principle of “common but differentiated responsibilities” (CBDR), established in the 1992 United Nations Framework Convention on Climate Change (UNFCCC). CBDR recognises that while all countries are responsible for addressing climate change, developed countries bear a greater burden due to their historical emissions.
Impacts and Vulnerability:
- Climate Change: As carbon debt increases, so do the concentrations of GHGs in the atmosphere, leading to global warming.
- This warming results in more frequent and severe weather events, such as hurricanes, droughts, and heat waves, which can devastate ecosystems and communities.
- Economic Impact: A 2023 study estimates that by 2050, the Global North will owe $192 trillion in fair reparations to the Global South, even if global warming is limited to an average of 1.5°C. This breaks down to an annual climate debt of $5 trillion.
- Social Justice Issues: As marginalised communities face greater risks from climate change while having contributed least to its causes.
Addressing Carbon Debt:
- Mitigation Strategies: Include transitioning to renewable energy sources, enhancing energy efficiency, and implementing sustainable land management practices that restore ecosystems while reducing emissions.
- Policy Recommendations: Governments should adopt policies that enforce stricter emission reductions, promote green technologies, and provide financial assistance to developing nations for climate adaptation efforts.
- Role of Technology and Innovation: Technological advancements in carbon capture and storage (CCS), renewable energy technologies, and sustainable agricultural practices are essential in mitigating carbon debt effectively.
