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An energy sector analyst, Kemi Akinpelu, has said that Nigeria as one of the Global South should take a strong stance in demanding climate justice and debt repayment from the Global North.
In an interview with New Telegraph over the weekend, she stated that the $5 trillion per annum climate debt was a moral obligation owed to the Global South, which, according to her, has been disproportionately affected by climate change.
The terms Global North and Global South are about climate change and environmental justice; economic inequality and development; global governance and international relations and human rights and social justice.
Akinpelu said: “Nigeria should push for the Global North to provide grants rather than loans to help developing countries transition to renewable energy and adapt to climate change.
The country should advocate for a debt restructuring framework that incorporates climate and sustainability risks, as well as incentives for private creditors to participate.
“Nigeria should demand that the Global North take responsibility for its historical emissions and provide compensation for the loss and damage already suffered by developing countries.”
She added: “Nigeria should review and strengthen its existing legal and institutional frameworks for debt management, ensuring transparency and accountability.
The government should prioritize revenue generation, improving tax compliance, and exploring alternative sources of revenue, such as carbon taxes.
“Nigeria should reduce its reliance on borrowings from the international capital market and commercial loans, instead seeking concessional loans and grants.”
Akinpelu said that the Federal Government should join forces with other developing countries to demand climate justice and debt repayment from the Global North.
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