Climate funding may need taxes on flight tickets, forex deals: U.N. report
2010 11 15
Taxes on international flights, shipping and financial transactions, as well as a global carbon price of $20 to $25 may be key to annually mobilising $100 billion in climate funding by 2020, according to the United Nations high level advisory group on climate change financing which submitted its report in New York on Friday.
At UN climate summit held in Copenhagen last year, developed countries committed to a goal of jointly mobilising $100 billion per year to meet the needs of developing countries with regard to climate change mitigation and adaptation. The 21-member advisory group set up to chart a course to meet this goal includes Planning Commission Deputy Chairman Montek Singh Ahluwalia, as well as British Prime Minister Gordon Brown, economist Nicholas Stern and financier George Soros.
Terming the target as “challenging but feasible,” the report says that financing could come from both public and private sources.
“If we are to reach this goal, we will need a mix of new public sources, a scaling-up of existing public sources and increased private flows. A carbon price in the range of $20-25 by 2020 will be important to meet the goal,” it said. While carbon trades at about that level in the European market today, many other developed countries – significantly, the United States – have resisted any move to put a price on carbon. However, this could potentially raise $30 billion per year, and would also provide incentives for further mitigation actions, according to the advisory group.
The report also called for exploring revenue sources such as international carbon taxes. This could mean a tax or trading system for the fuel emissions of international airlines or merchant ships, or even a fee on passenger air tickets, which has the potential to raise $10 billion per year. Taxing forex transactions could garner another $10 billion. Further carbon taxes in developed countries and redeploying fossil fuel subsidies could be other sources of funding.
The report will be discussed at the next U.N. climate summit to be held in Cancun, Mexico, later this month. Concrete pledges and action on climate funding is seen as crucial to the negotiations to be held there. “Without an agreement on finance we won't reach an agreement on climate,” warned the Norwegian Prime Minister Jens Stoltenberg, a co-chair of the advisory group.
“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,” said U.N. Secretary-General Ban ki-Moon, while accepting the report.
Latest News from our Front Page
Investigative Journalist Michael C. Ruppert Dead After Lifelong Struggle With Mental Illness
2014 04 17
We’re sad to hear the news about the death of Michael Ruppert.
Rest in Peace.
From Collapse Network, which is being constantly updated with new information:
There is absolutely no doubt or question about it, Mike Ruppert took his own life.
Rest in Peace, my brother.
Wesley T. Miller
President & CEO
Collapse Network, Inc.
I have been informed that MCR has committed suicide. I ...
Cyclopean Masonry: A Mystery of the Ancient World
2014 04 16
They don’t make things like they used to, and that is, in some cases, a monumental understatement.
Silly wordplay notwithstanding, there is something to be said for the construction techniques of the old world. Where modern buildings are designed to withstand the elements; wind, temperature extremes, earthquakes and floods, today’s engineers have to strike a balance between economics ...
Megalithic Origins : Ancient connections between Göbekli Tepe and Peru
2014 04 16
At 6,500 years older than Stonehenge and 7,000 years before the pyramids were constructed, a cult megalithic complex sat atop the hills near current day Sanliurfa, in southeast Turkey.
Göbekli Tepe was flourishing an astonishing 12,000 - 14,000 years ago, and today, the preserved remains still exhibits high degrees of sophistication and megalithic engineering skill. Back in the 1990’s when ...
Department of Transportation Uses LRAD Sound Cannons Against Drivers
2014 04 16
The Missouri Department of Transportation revealed two newly acquired LRAD sound cannons this week, which will reportedly be used to target vehicles that speed in work zones.
Coming in at $25,000 a piece, the Long-Range Acoustic Device, a sonic weapon best know for its use against protesters and insurgents in Afghanistan, will alert drivers to road conditions by shooting a loud ...
An ’Unknown Holocaust’ and the Hijacking of History
2014 04 16
An address by Mark Weber, director of the Institute for Historical Review, delivered at an IHR meeting in Orange County, California, on July 25, 2009. (A report on the meeting is posted here.)
We hear a lot about terrible crimes committed by Germans during World War II, but we hear very little about crimes committed against Germans. Germany’s defeat in May ...
|More News » |