Guardian: Leaked Plans for a Global Carbon Tax

Essay by Eric Worrall

According to The Guardian, poor countries will demand a global carbon tax this week on airline travel, shipping fuel and fossil fuel extraction.

Vulnerable countries demand global tax to pay for climate-led loss and damage

Poor nations exhort UN to consider ‘climate-related and justice-based’ tax on big fossil fuel users and air travel

Fiona Harvey Environment correspondent
Mon 19 Sep 2022 15.00 AEST

Some of the world’s most vulnerable countries have prepared a paper, seen by the Guardian, for discussion this week at the UN general assembly. It shows that poor countries are preparing to ask for a “climate-related and justice-based” global tax, as a way of funding payments for loss and damage suffered by the developing world.

The funds could be raised by a global carbon tax, a tax on airline travel, a levy on the heavily polluting and carbon-intensive bunker fuels used by ships, adding taxes to fossil fuel extraction, or a tax on financial transactions.

All options for funding loss and damage are likely to be difficult for rich nations to agree to at a time of soaring fossil fuel costsrising food prices and a cost of living crisis around the world. Although rich countries agreed at the Cop26 UN climate summit in Glasgow last year that there should be a framework for loss and damage, there is no agreement on how it could be funded or who should contribute.

Walton Webson, Antigua and Barbuda’s ambassador to the UN and chair of the Alliance of Small Island States, said: “[We] deserve to live without the looming fear of debt and destruction. Our islands are bearing the heaviest burden of a crisis we did not cause, and the urgent establishment of a dedicated loss and damage response fund is key to sustainable recovery. We are experiencing climate impacts that become more and more extreme with each passing year.”

Read more:

The new UN Climate Chief, Caribbean politician Simon Stiell, may have have his fingers in this pie, though as far as I know he hasn’t come out and openly declared any involvement.

Any tax like this would obviously be devastating for global shipping, food and fuel prices, as even The Guardian admits.

via Watts Up With That?

September 19, 2022 at 04:57PM

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