The UN climate change conference in Baku (COP29) discusses funding for climate loss and damage. A small tax on major oil and gas companies could significantly enhance the UN Fund for Responding to Loss and Damage. Such funding could address disasters caused by climate change and promote climate justice by shifting financial responsibility from victims to polluters. Activism and tax proposals aim to hold the fossil fuel industry accountable for its role in climate crises.
At the recent UN climate change conference in Baku (COP29), delegates are urgently seeking a consensus on a new climate financial package. There is a prominent agreement that vulnerable communities across the globe are increasingly suffering due to the climate crisis, prompting the essential question of funding: who will cover the immense costs associated with climate-related disasters? An analysis by Greenpeace International and Stamp Out Poverty indicates that even a modest tax on the revenues of the world’s top seven oil and gas corporations could amplify the UN Fund for Responding to Loss and Damage by over 2000%. By taxing profits from these companies, there emerges a viable solution to finance climate recovery efforts.
In particular, revenue from the extraction activities of major players such as ExxonMobil, Shell, and TotalEnergies could significantly offset costs of climate catastrophes, including Hurricane Beryl and Typhoon Carina, which had devastating impacts this past year. The concept of a Climate Damages Tax (CDT) has been proposed as a potential avenue to raise funds for these affected communities, particularly in regions disproportionately impacted by climate change, which the oil industry has further aggravated by its practices.
A CDT that targets companies in wealthy OECD nations, escalating by US$5 per tonne of CO2-equivalent based on extracted oil and gas volumes, could generate an estimated US$900 billion by 2030. This fund could provide crucial resources to support governments and local communities dealing with climate-related challenges.
The central issue at stake is one of climate justice; it is imperative that the financial responsibilities of the climate crisis transition from the victims to the perpetrators. Innovative strategies for collecting funds from the oil and gas sector are essential, and there is a need for governments worldwide to implement a climate damages tax as well as other mechanisms targeting these industries. Climate polluters must be held accountable for their part in exacerbating these crises, a call reiterated through recent protests featuring activists and flood survivors who visually symbolized their loss by delivering remnants of personal possessions to energy companies.
This campaign represents the collective voice demanding that those responsible for climate destruction be compelled to rectify their actions. Abundant evidence underscores the oil sector’s role in the climate emergency, yet achieving true climate justice encompasses more than just figures; it requires a concerted effort from all stakeholders to hold polluters accountable.
The increasing impact of climate change has drawn widespread concern, especially regarding the effects on vulnerable populations around the world. Climate-related disasters such as hurricanes, typhoons, and floods have highlighted the dire need for financial resources to aid recovery efforts. As negotiations at international conferences progress, the question of who should finance these climate impacts has become pertinent. The proposal of a Climate Damages Tax aims to engage fossil fuel companies that contribute significantly to greenhouse gas emissions. By holding these corporations accountable through taxation, it is possible to generate funds necessary for climate adaptation and mitigation efforts.
In conclusion, addressing the issue of climate loss and damage involves determining who should bear the financial responsibilities associated with climate change. A proposed Climate Damages Tax offers a potential path to raise significant funds from major oil and gas companies, with the goal of facilitating recovery for affected communities. This approach is grounded in the principles of climate justice, emphasizing the necessity for responsible parties to contribute to the solutions, rather than placing the financial burden on those suffering from climate impacts.
Original Source: www.ipsnews.net
