The Nobel laureate in economics, Esther Diflo, estimated that the rich countries owe 500 billion. dollars a year in “moral debt” to poor countries, while proposing that developed countries take responsibility for global warming through two taxes. “This is what I call moral debt. That's not the cost of adaptation, that's not what it would cost to mitigate. That's what we owe,” the economist said in an interview with the Financial Times yesterday, citing the effects of global warming on mortality in poor countries. “There will be enormous damage,” continued Diflo, who cited a 2020 study by the Global Impact Lab showing that the number of heat-related deaths is at risk of soaring in poor countries by the end of the century. “The damage will be concentrated in poor countries outside the Organization for Economic Co-operation and Development,” she added, pointing out the responsibility of rich countries in climate change. […]
Source: News Beast
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