Fossil fuels, planes, ships and shares – What will be taxed for climate funds?
Published on 21/06/2023, 2:43pm
A range of options for funding climate programmes will be discussed at the New Global Financing Pact summit in Paris tomorrow
By Isabella Kaminski
Tomorrow, world leaders meet at a summit in Paris to drink coffee and discuss whether they can develop a new global financing pact that works better for people and the environment.
Franklin Steves, senior policy adviser at E3G, said the summit is “first and foremost” about trying to heal the rift between developed and developing countries that started with the Covid-19 pandemic. This gulf “has widened since then over perceptions that the rich world has failed to deliver on its commitments on climate, development, poverty and debt”, he said.
But it is also an opportunity to make tangible progress on filling the glaring gap in climate finance.
Bridgetown initiative
Although the summit will be hosted by French president Emmanuel Macron, the key figure behind these talks is Barbados’ prime minister Mia Mottley. The leader of the climate-vulnerable nation has been working hard to build a global coalition of nations committed to overhauling the financial system and unleashing trillions of dollars of investments to the climate frontlines.
https://www.climatechangenews.com/2023/06/21/new-global-financing-pact-summit-paris-macron-mottley-taxes-fossil-fuels-planes-financial-transaction-tax/
