"New taxes on the super-rich, fossil fuels, financial transactions and highly polluting and carbon-intensive activities should be explored as key ways of raising the finance needed to help poor countries, governments have been told in an influential report. The proposal is one of the top recommendations of a new blueprint for global climate finance, the Baku to Belem roadmap, drawn up by the governments of Brazil and Azerbaijan, the current and the previous president of the UN climate Cop process."
"In a surprisingly strong intervention, they call for strengthened international cooperation on taxation, and experiments with voluntary partnerships between countries on, for example, sector-based contributions, highly polluting and greenhouse gas intensive activities, financial transactions and ultra high net worth individuals. They add the caveat that countries should carefully consider potential negative impacts on development priorities and trade and redistribution mechanisms."
"It's notable that the roadmap recognises new taxes and levies as key to unlocking public climate finance. Given reported profits from just five international oil and gas giants over the last decade reached almost $800bn, taxing fossil fuel corporations is clearly a huge opportunity to overcome national fiscal constraints. World leaders are descending on Belem, the Brazilian city at the mouth of the Amazon, for two days of talks starting on Thursday, before the UN Cop30 climate summit formally begins,"
New taxes on the super-rich, fossil fuels, financial transactions and carbon-intensive activities are proposed to raise finance for poor countries. The Baku to Belem roadmap, prepared by Brazil and Azerbaijan, recommends strengthened international cooperation on taxation and voluntary country partnerships for sector-based contributions, highly polluting activities and ultra high net worth individuals. The roadmap advises careful consideration of negative impacts on development priorities, trade and redistribution mechanisms. Campaigners highlighted large profits by international oil and gas giants and said taxing fossil fuel corporations could help overcome national fiscal constraints. World leaders will meet in Belem ahead of COP30 to prioritize climate finance.
Read at www.theguardian.com
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