Top Posts
Report: African cities move to address carbon-neutral development
Niger govt bans tree cutting, establishes agency to...
HEDA asks senate to hold IOCs accountable for...
FG issues flood alert for in 29 states,...
Lagos State Govt reassures residents over flash floods
NGO empowers women on climate resilience in Kaduna
Brazil launches COP30 accommodation platform after pressure from...
Pakistan’s deadly floods worsened by global warming: study
Putin decree allows Russia to increase greenhouse gas...
New study shows climate change cancelling major events
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Vulnerable countries seek global tax to pay for climate-induced damages

by admineconai September 22, 2022
written by admineconai September 22, 2022
757

Leaked documents have shown that the most vulnerable countries across the globe are preparing to take on the richest economies with a demand for urgent finance which includes new taxes on fossil fuels or flying – for the irrecoverable losses they have suffered because of the climate crisis.

As the world heats up further, reports show that damages to poor countries are expected to increase. Increasing sea and air temperatures in the Caribbean are expected to create a superstorm within years that would wreak £7.9bn of damage in the island nation alone, six times its annual GDP.

Already, many developing countries are battling with extreme weather which is expected to wreak further catastrophe. Loss and damage – the issue of how to help poor nations suffering from the most extreme impacts of climate breakdown, which countries cannot be protected against – is one of the most contentious problems in climate negotiations.

Read also: UN chief demands windfall tax on fossil fuel companies

According to reports, some of the world’s most vulnerable countries have already prepared a paper for discussion this week at the UN general assembly, a development which 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.

The discussion paper, among other things, takes into consideration the advantages and drawbacks of each of these and the alternatives of raising funding from rich countries through the world’s development banks, such as the World Bank, the International Monetary Fund and the private sector.

This November, Countries will meet again to hold fresh talks at the COP27 which will hold in Egypt, with loss and damage expected to be a major topic of discussion.

At Cop26, negotiations were generally good-tempered and there was consensus on the need to limit global temperature rises to 1.5C above pre-industrial levels. However, amid the geopolitical upheavals since Russia’s invasion of Ukraine, this year’s talks are likely to be more fractious.

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.

Story was adapted from the Guardian.

Climate damagesCountriesGlobal taxPayment
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
UN chief demands windfall tax on fossil fuel companies
next post
Climate groups call for removal of World Bank Chief

Related Posts

Brazil launches COP30 accommodation platform after pressure from...

August 7, 2025

Pakistan’s deadly floods worsened by global warming: study

August 7, 2025

Putin decree allows Russia to increase greenhouse gas...

August 7, 2025

New study shows climate change cancelling major events

August 4, 2025

ICJ says countries to be held accountable for...

August 4, 2025

Report shows PR firm working for Shell wins...

July 30, 2025

Study shows climate change could make ‘droughts’ for...

July 30, 2025

UN agency says deadly floods show need for...

July 22, 2025

UN climate change director calls for urgent action...

July 18, 2025

Environmental activist dismisses CoP meetings on climate change...

July 18, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World