The greatest share of the burden of addressing climate change lies with the major polluters—the wealthy countries of Europe, North America, and East Asia—that are disproportionately responsible for causing the crisis. Some governments, financial institutions, and companies in those countries have begun taking long-overdue action. They have committed to reducing greenhouse gas emissions and to boosting investments in renewable energies as part of a broader transition away from fossil fuels. Crucially, many of these actors have also pledged to divest from coal, oil, and gas projects around the world—even those in energy-hungry developing countries.
In August 2021, Nigerian Vice President Yemi Osinbajo bemoaned these divestments in Foreign Affairs. “After decades of profiting from oil and gas, a growing number of wealthy nations have banned or restricted public investment in fossil fuels, including natural gas,” he wrote. “A global transition away from carbon-based fuels must account for the economic differences between countries and allow for multiple pathways to net-zero emissions,” he argued, concluding that “the transition must not come at the expense of affordable and reliable energy for people, cities, and industry.” In Osinbajo’s view, countries like his still need to rely on fossil fuels to speed development and to bridge the long-term transition to a green economy.
