Ahead of President-elect Donald Trump’s return to the White House, foreign government representatives at the current U.N. climate change summit are pushing for de facto global climate taxes to finance the development of green energy in developing nations, according to the Financial Times.
At this year’s conferences, officials from nations including France, Spain, and Kenya are trying to plan so-called solidarity fees on various businesses so that a more advanced version of the proposal may be presented at the gathering in Brazil the following year, according to FT. The goal is to come up with a strategy that would impose de facto taxes on the shipping and aviation industries, as well as potentially other sectors, in order to raise $100 billion or more a year to support climate-related initiatives in developing nations.
According to FT, attendees at this year’s summit are coming up with innovative ways to find funding sources because previous discussions on the topic of giving climate cash to developing countries have been contentious and Trump, who withdrew from the United Nations’ Paris climate agreement during his first term and is likely to do so again, generally opposes sending money to other countries in the name of climate change. In addition to shipping and aviation, the solidarity levies plan may also apply to cryptocurrency trading, the production of fossil fuels, plastics, billionaires, and financial activities.
Although officials from certain countries have recommended that the money should go to the shipping sector to support it with its decarbonization push, it is unclear that the funds raised by the solidarity charges would even flow directly to poor countries, according to FT. The shipping industry’s dedication to reducing emissions is increasing pressure on the aviation sector, which in turn is urging the oil and gas sector to contribute more funds.
According to FT, a global carbon offset agreement signed in 2016 by numerous large airline corporations is not intended to provide income that may be used for other purposes. The task team evaluating the idea of solidarity levies is looking at ways to increase the tariffs on airline tickets that are currently in place in 21 nations. They estimate that this might generate up to $164 billion a year.
Notably, a study released shortly before the start of this year’s COP29 U.N. climate summit discovered that high attendance at elite gatherings like the World Economic Forum, the Cannes Film Festival, and the U.N. climate summits results in significant greenhouse gas emissions because of the number of attendees who opt to fly in and out on private jets.
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