COP27: Poor nations demand compensation from Big Oil

Sharm El-sheikh: On Nov 8, leaders from poor countries denounced wealthy governments and oil companies for driving global warming. Through their speeches at the COP27 climate summit in Egypt, they demanded payment for damages being inflicted on their economies. "The oil and gas industry continues to earn almost 3 billion United States dollars daily in profits," said Gaston Browne, Antigua's prime minister. "It is about time that these (oil and gas) companies are made to pay a global carbon tax on their profits as a source of funding for loss and damage," he added.