UN calls for higher taxes to combat climate warning
Friday, November 5, 2010
UNITED NATIONS (AFP) – A top UN panel on Friday called for increased taxes on carbon emissions and air and sea transport to raise 100 billion dollars a year to combat climate change.
The group led by the prime ministers of Norway and Ethiopia also proposed a tax on international financial transactions for a fund to help poorer nations counter the impact of the warming planet.
The radical proposals will be sent to all governments and get a first international airing at the next UN climate conference in Cancun, Mexico starting at the end of the month.
The report “contains financing options that are both financially feasible and politically viable,” said UN Secretary General Ban Ki-moon. “This is not about charity. It is about doing the right thing for those who are suffering most from a crisis that they did least to cause.”
Soros UN Panel Draft Report Foresees Bank Tax, CO2 Auctions to Aid Climate
Alex Morales and Jim Efstathiou Jr.
Friday, November 5, 2010
At least $65 billion could be raised by taxing foreign-exchange transactions and auctioning pollution permits, a United Nations panel recommending ways to finance aid for fighting global warming will conclude today, according to a draft of its report.
The panel, which includes billionaire George Soros and Larry Summers, director of President Barack Obama’s National Economic Council, estimated that selling carbon emissions permits could generate $38 billion and a financial transactions tax an additional $27 billion, according to the draft dated Oct. 4 and obtained yesterday. The UN will release the study in New York today.
The findings are intended to guide envoys at UN climate talks that start this month in Mexico as they seek ways to pay for $100 billion in climate aid that was pledged to poor nations by 2020 at last year’s summit in Copenhagen. The draft report found that the goal is “challenging but feasible” to achieve.
“The ball is really now in the court of governments to move forward on generating these resources,” David Waskow, senior adviser on climate finance for the development charity Oxfam International, said in a telephone interview from Washington. “One can raise substantial public finance from public sources and do it in a way that’s not going to place additional pressure on national budgets and taxpayers.”
This article was posted: Friday, November 5, 2010 at 9:19 am