SHARM EL-SHEIKH, Egypt (CMC) – Antigua and Barbuda’s Prime Minister, Gaston Browne, wants oil and gas giants to pay for damage from climate change through a global carbon tax on their profits.

Speaking on behalf of the 39-nation Alliance of Small Island States (AOSIS) at the United Nations Climate Conference (COP27) on Tuesday, he charged “profligate producers of fossil fuels have benefited from extortionate profits at the expense of human civilisation”.

“While they are profiting, the planet is burning,” he added.

Browne contended that while these companies rack up multibillion-dollar profits from using fossil fuels, which is a major contributor to global warming, small island nations like his and others in the Caribbean that have contributed virtually nothing to total emissions are suffering.

He pointed out that in the first half of this year, six fossil fuel companies alone made nearly €70 billion (US$71 billion) in profits which was “more than enough money to cover the costs of major climate damage in developing nations”.

Browne also called for an end to fossil fuel subsidies – and for the money to be redirected to fund adaptation, mitigation, and loss and damage, especially in small island developing states (SIDS) – and collective action to reduce emissions.

“Financing to address loss and damage and a recommitment to keeping 1.5 alive in the face of the current energy crisis, are the key critical success factors of COP27.

Browne also said a group of island nations had registered a commission with the UN to explore the responsibility of states for injuries arising from their climate actions and breaches in the obligations.

He said small island states would not back down.

“We will fight unrelentingly for climate justice, including in the international courts,” Browne warned.