NORTH Sea oil and gas giants should pay reparations to the global south totalling trillions of dollars, according to new analysis.

The research by Global Justice Now, comes as Rishi Sunak insisted that oil and gas will remain part of the UK’s economy mix “for several years ahead”.

The study comes after loss and damage, or reparations for global south nations impacted by the climate crisis, was put on the agenda for COP27.

The Scottish Government was the first nation to pledge loss and damage funding, doing so at COP26 – and bringing its total cash put forward to £7m.

Denmark became the first nation state to do so and has been followed by Germany, Austria and New Zealand at COP27.

But new research has found that the big five oil companies, Chevron, ExxonMobil, BP, Shell and TotalEnergies are responsible for 11.38% of global historic CO2 emissions.

According to the research, the corporations are responsible for more than four times the historic CO2 emissions of the 150 least emitting countries combined and more than 28 times the collective emissions of the least developed countries.

Global Witness Now has calculated that the big five companies could ne responsible for up to $65bn a year of loss and damage to the global south by 2030 and more than $3tn between 2030 and 2050.

The research found that “at the very least”, BP’s responsibility for those costs would be approximately $1.56 tn, while Shell’s would be $1.49 tn.

Scottish Greens MSP Maggie Chapman said: “Oil and gas companies have done vast and irreversible damage to our world, particularly in the global south where communities and ecosystems are paying the price for fossil fuel tycoons' greed and destruction. But they haven't done it alone, they have been supported every step of the way by polluting governments.

"The executives of these companies have laughed their way to the bank while billions of people have had their environments destroyed in the name of corporate profits. We know that those most affected by the climate crisis have contributed least to its cause. It is time for genuine and meaningful financial reparations and climate justice.

"And things will only get worse as long as wealthy nations like the UK continue to expand drilling. The fossil fuel giants may view the world through spreadsheets and bottom lines, but for billions of people around the world, climate change is a matter of life and death."

As well as loss and damage being put on the COP27 agenda, the UK Government said it would allow some debt payment deferrals for countries hit by the impacts of the climate crisis in a symbolic move.

The UK Government’s credit agency, which loans money to overseas buyers, will become the first agency to feature “climate resilient debt clauses”, halting debt payments for two years is a nation is struck by a climate disaster – meaning funds can be diverted to tackling the emergency.

UK Treasury minister James Cartlidge said: “Climate shocks are increasing in frequency and severity which is why we are supporting countries hit hardest.

“In the wake of a disaster, they face painful trade-offs between rebuilding their communities and making debt repayments.”

The Prime Minister doubled down on a commitment for £11.6bn for climate finance as he addressed MPs on his appearance at COP27 yesterday.

Mr Sunak stressed it was “pie in the sky” to pretend fossil fuels will not be part of the UK’s energy mix as it transitions to low carbon sources.

The Prime Minister, replying to Labour leader Sir Keir Starmer, told the Commons: “He talked about oil and gas, again, he needs to live in the real world.

“Oil and gas are going to be a part of our energy mix in the transition for several years ahead and it’s simply pie in the sky to pretend otherwise.

“The independent Committee on Climate Change has even recognised that and the carbon footprint of having homegrown gas is half the footprint of importing it from abroad, so it’s a sensible thing to do.”

Mr Sunak claimed the UK is “fulfilling our obligations” to help developing countries deal with climate change – but Greenpeace insisted the country “is not paying anywhere near its fair share to deal with the crisis, especially considering the amount of carbon they have pumped out for centuries”.

Head of Greenpeace’s COP27 delegation, Yeb Sano, added: “People's lives and livelihoods are being destroyed thanks to richer nations' repeated failure to provide the amount of support needed.

“They should secure a legacy from COP26 in Glasgow by supporting developing countries' calls for a dedicated loss and damage finance facility.

“Extra money can be raised to go into this fund by raising taxes on the obscene profits of oil and gas companies - it’s a no-brainer."

Mark Wilson Offshore Energies UK’s operations director, said: “The UK’s offshore energy sector is committed to delivering net zero and has signed up to the North Sea transition deal.

"A transformational deal, it is the first by a G7 country which aims to accelerate the energy transition, reduce UK emissions and support new energy jobs. 

"This demonstrates the sector’s commitment to cutting emissions and helping deliver the government’s net zero target, but also to ensuring that the nation’s energy needs are met during the transition to a low carbon economy.”