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A global tax for compensate for losses and repair damage caused by the climate crisis. That’s what the developing countries to the United Nations, calling the big fossil fuel producers and the richest countries a accountable for their responsibilities related to climate change.
Financing urgent to react to the environmental, economic and social impact of the climate crisis, new taxes on fossil fuels and on air travel. These are the requests presented by the most vulnerable countries in the world in the context of the General Assembly of the United Nations, in a document obtained by the Guardian. Extreme climate events, floods, droughts and famines are already hitting hard the countries least responsible for climate change, as in the case of Pakistanand experts predict that disasters will increase in the coming years.
About a third of the country was submerged in rain. About 33 million people affected by the disaster, half a million displaced people, a thousand dead and 10 billion in damage
Based on analyzes submitted to the United Nations by Antigua and Barbuda, rising temperatures of the sea and air in the Caribbean could create a super storm that would cause damages for approximately 9 billion euros in the island nation, six times its annual GDP. A worsening given almost as certain if climate action were to be blocked by inaction and by greenwashing of the big fossil fuel companies and if the richer countries do not increase the investments dedicated to mitigation strategies and in support of the most vulnerable countries.
For this reason, some of the countries most at risk have asked for the intervention of the United Nations, demanding the establishment of one fee “Linked to climate and justice”, which requires the most developed economies to assume their responsibilities towards the rest of the world. The proposal is therefore to raise funds and aid through a global tax on the carbonon air travelon highly polluting fuels used by large commercial ships or a tax on financial transactions.
The paper highlights the advantages and disadvantages of each of these solutions, as well as alternatives for raising funds from rich countries through international financial institutions such as the World Bank and International Monetary Fund or through the private sector. All options for the financing of losses and damages they will likely be difficult for rich nations to accept at a time of soaring energy costs, food costs and a worldwide cost of living crisis.
Indeed, although all countries agreed on the need to build an aid package for loss and damage during COP26, there has not yet been any agreement on how to finance or who should contribute. Nations will meet again to address these issues during COP27 in Egypt in November 2022. However, due to the geopolitical upheavals that occurred after the Russian invasion of Ukraine this year’s talks are likely to be more contentious. .
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