European Climate Foundation’s Post

🌍 🔥 Inequality and tackling the climate crisis are inextricably linked - we cannot solve one without the other. Redistributive #climatefinance is one way to do that. 🤝 The newly named Global Solidarity Levies Taskforce 💰 offers a way forward to ensuring we have enough money to fund climate action around the world. 🌲 As European Climate Foundation CEO Laurence Tubiana and co-chair of the taskforce said 'If you want to avoid a real conflict, we have to put the social justice element upfront. It’s legitimate to talk about taxation, with the immense elements of climate impact, and the need to mobilise more funding to respond to the transition [to a low-carbon economy] and adaptation [to the impacts of extreme weather] 🌧

This week, G7 finance ministers are making decisions about cash for developing countries. It's important since this year is when rich polluting countries need to agree on what they owe the Global South for the environmental damage they have caused, and clearing this debt. Instead of paying up, rich countries are making excuses. They say climate finance is too slow, too pricey and too complex. But, they have enough $$ to keep financing toxic, expensive pollution and war. The G7 spent upwards of US$1 trillion in 2022 in funding conflicts, for example. Climate Action Network wants G7 finance ministers to agree to pay their climate debt by: ✅ Delivering better and more finance to developing countries. ✅ Making polluters and profiteers pay for their toxic, expensive damage. ✅ Changing our financial and tax systems so they are fairer. If you agree, please like and share - and of course, add your thoughts! #g7 #g7italy #climatefinance #climateaction #climatechange #cop29 #lossanddamage #makepolluterspay #polluterspay #financesystem #taxsystem #debt #financialreform

The European Union appears undeterred by years of calamitous climate policies, with EU Commission Chief Ursula von der Leyen demanding new taxes and other schemes to take green agenda investment into the “trillions”. Leaders from around the world descended (many of whom on private jets) upon the oil-rich Arabian nation of Dubai for the 28th instalment of the United Nation’s top annual climate summit, in which politicians demand that ordinary citizens bankroll their lofty visions of a so-called green future. Despite people suffering across Europe under an energy crisis as a result of the war in Ukraine and the years of dumping money into dubious ‘renewable’ energy sources, EU Chief Ursula von der Leyen’s takeaway was to double down on the very same policies that precipitated Europe’s precarious energy situation. “More is needed,” the German politician urged, proclaiming: “We have to move from billions to trillions.” The EU leader admitted that to accomplish such a goal, Brussels will need to “find new sources of revenue”. To do so, von der Leyen said that she “fully supports” the plan proposed by Kenyan President William Ruto and French President Emmanuel Macron to impose a global green tax targeting financial transactions to “raise more money for climate action.”

COP28 TAX news: Launch of a new “task force on international taxation to scale up development, climate and nature action”...The objective is to make the case for targeted international taxes to fund green and climate-resilient investment in developing countries. A clear and very actual example of the important role of taxes in building sustainable societies. https://lnkd.in/ePJBhYvy

A global wealth tax is gaining traction to combat climate change In a Guardian interview, Laurence Tubiana, one of the key figures behind the Paris agreement, has suggested that affluent individuals worldwide should contribute more to combat climate change, either through increased taxes or consumption charges. https://bit.ly/4bJS6na A global wealth tax is gaining traction, with Brazil, the host of the upcoming Cop climate summit, being a strong advocate. https://bit.ly/3KvsTAI On the other hand, less wealthy nations are grappling to secure the estimated $1tn (£785bn) in external financing required annually to reduce emissions and manage the effects of climate change. https://bit.ly/3R974L6 One suggestion is a levy on frequent flyers, as wealthier individuals tend to travel more by air. For example, in any given year, about half of the UK population does not fly. Laurence Tubiana, CEO of the European Climate Foundation, proposed that such a levy could be applied specifically to business and first-class tickets. https://bit.ly/4e0Stvf Other potential revenue sources could include a carbon tax on international shipping, which, according to World Bank research, could generate billions without disrupting global trade. https://bit.ly/3V2WUwK Taxes on fossil fuels could also be considered. The world’s wealthiest 1% are responsible for more greenhouse gas emissions than the bottom 66%, yet they are less vulnerable to the climate shocks causing suffering and death, predominantly among the poor. https://bit.ly/3wYmISN Tubiana highlighted that this disparity exists not only between developed and developing countries but also within each country. The wealthiest 1% in China, India, or the US, for instance, lead lifestyles marked by excessive consumption, contributing significantly to their carbon footprints. https://bit.ly/4aPtqsb She warned in the Guardian interview that failing to address these inequalities could undermine public support for the necessary measures to address climate change. https://bit.ly/4bJS6na She emphasized the importance of prioritizing social justice to prevent potential conflict. Discussing taxation in the context of the significant impacts of climate change and the need for additional funding to transition to a low-carbon economy and adapt to extreme weather conditions is entirely justified. Picture credit: Lemondeneouveau #cop29 #Azerbaijan #finance #tax #climatechange #climatecrisis #worldbank #oxfam #LaurenceTubiana #brazil

Developing countries want assurance that wealthy countries will not turn their attention to other areas of finance as a means to replace country-to-country commitments. Wealthy countries are committed to delivering climate finance for developing countries under Article 9 of the Paris Agreement. Consider this a debt owed. Industrialised countries have contributed the most greenhouse gas emissions, while developing countries are experiencing the earliest and most severe damage from climate change impacts. Developing countries need nearly US$6 trillion until 2030 to fulfil their Nationally Determined Contributions (NDCs), yet not even the $100 billion in annual climate finance promised in 2009 has been delivered. Article 2.1(c) brings a broader view to align the entire public and private financial system with climate action, including multilateral development banks, international debt, domestic subsidies and tax flows, and private sector investment. Wealthy countries generally agree these other types of finance should complement existing obligations, not supplant them.

Carbon zero or to tackle Air pollution? Photosynthesis is the process by which plants use sunlight, water, and carbon dioxide to create Oxygen and Energy in the form of sugar Impacts of Air Pollution: How Satellite Data Can Help Exposure to outdoor air pollution is responsible for an estimated 4 million premature deaths annually with about another 3-4 million resulting from exposure to indoor air pollution; that is, air pollution is responsible for about 1 in 9 deaths worldwide ( Cohen et al., 2017). The State of the Global Air webtool allows you to view historical trends of air pollutants for your city with the concomitant impacts on human health. Agriculture: The economic impact of crop yield loss due to pollution is significant all over the world. Air pollution causes global crop yield losses for wheat, corn, and soybeans that are estimated to range from 11-18 billion annually, with the greatest economic loss estimated to occur in the United States ($3.1 billion).