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Ilan Zugman  is Latin America Director at 350.org, based in Brazil, and  Fanny Petitbon is France Team Lead at 350.org.

When G20 finance ministers gather in Rio de Janeiro this week, Brazil and France have a chance to put these powerful countries on track to deliver a global wealth tax that could raise over $680 billion per year in the fight to tackle poverty and the climate crisis. Both countries have been vocal supporters of taxing the super-rich to fund international development and climate action.  

In April, finance ministers Fernando Haddad (Brazil) and Bruno Le Maire (France) announced their intent to tax the wealth of billionaires by at least two percent annually, prompting ministers from Germany, South Africa and Spain to back the proposal. As the current host of the G20, Brazil commissioned an investigation into the feasibility of this global wealth tax – and the results were published by French economist Gabriel Zucman in June, generating further momentum in efforts to fill the funding gap for climate and development.  

Zucman’s findings show that a global wealth tax on the super-rich – billionaires and people with assets worth more than $100 million – could be enforced successfully even if all countries did not adopt it. It is also a popular measure: more than two-thirds of people across seventeen G20 countries show support for making the super-rich pay higher taxes as a means of funding major improvements to our economy and lifestyles.  

This isn’t surprising. Ensuring that billionaires are properly taxed could deliver significant, tangible benefits in people’s lives and go some way to addressing the systemic injustices and inequality reflected by the climate crisis and poverty. 

The world needs a new global deal on climate and development finance

An ambitious global wealth tax, together with higher and permanent tax on oil corporations and extraction, would provide hundreds of billions of dollars/euros each year to properly fund scaling up renewable energy, rolling out heat pumps and insulation programmes to lower the cost of heating or cooling our homes, new public transport links, future-proof jobs and much more – helping communities to thrive.  

It would also end more than a decade of broken promises by G20 states, ensuring that some of the world’s wealthiest countries have enough money in their national coffers to provide adequate finance to pay for those suffering the consequences of climate impacts now. Helping the poorest communities prepare for unnatural disasters like increased wildfires, flooding and sea level rise, and ensuring people can rebuild their homes, infrastructure and places of work when preventative measures are not an option. 

Power to communities

A global wealth tax is a moral imperative. By implementing a fairer system of taxation, the G20 could accelerate a just transition to a low-carbon economy, cutting dangerous carbon emissions and boosting living standards and energy access at great scale, while also tackling deep-rooted injustice. Delivering finance for community-oriented renewable energy projects across Latin America, Africa, Asia and the Pacific would put power back in the hands of communities that continue to suffer from the violent legacy of colonialism and extractive profiteering. 

For this to be achieved France, and other wealthy nations in the G20 like Germany and the UK, must be willing to make concessions and assume historical responsibility for exploiting fossil fuel extraction in the economically poorer countries whose citizens are experiencing the worst consequences of the climate crisis. The emerging French government must deliver concrete plans to redirect its fortune and tax its billionaires towards a renewable energy-powered planet. 

Where East African oil pipeline meets sea, displaced farmers bemoan “bad deal” on compensation

It is incumbent on both Brazil and France to seize the opportunity presented by growing support to deliver a global wealth tax at the meeting of powerful finance ministers this week. Both countries must do everything they can to build trust and political will around the crucial proposal. But this will be a challenge if they undermine their stance on the international stage with contrasting domestic policy, something both governments are guilty of. 

Brazil has been pushing for new oil projects, including in the Amazon and is gearing up to become the fourth-largest oil producer in the world. France, despite being fined by the European Commission, is still not on track to meet its domestic renewable energy targets and announced in February a two billion-euro cut to the budget allocated for environmental and energy transition programmes. It is high time for both countries to stop the smoke and mirrors approach to international diplomacy, by aligning their commitments at national and international levels. 

Leaders’ summit

This week, ministers Haddad and Le Maire have a responsibility to rally their G20 counterparts around the wealth tax proposal and send a strong and unified signal to heads of state and governments to take concrete action that delivers a global wealth tax on billionaires when they meet in November. 

The stakes are high. The vast scale of global inequality means that nearly one in eleven people around the world live below the poverty line according the World Bank. In addition, this is set to be yet another record-breaking year for climate impacts, in a critical decade to prevent global heating from tipping over the 1.5°C threshold – a limit beyond which the ability of impacted communities to survive and thrive will be put at intolerable risk. We need to see vast quantities of finance mobilised to scale up renewable energy at the speed needed, and billionaires and multi-millionaires need to be forced to pay up.  

We’re all rooting for this one to work – it can take us a long way.

The post A global wealth tax is needed to help fund a just green transition appeared first on Climate Home News.

A global wealth tax is needed to help fund a just green transition

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Can COP30 mark a turning point for climate adaptation?

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Cristina Rumbaitis del Rio is a senior advisor on adaptation and resilience and Pan Ei Ei Phyoe is a climate adaptation and resilience consultant with the United Nations Foundation.

COP 30 compels the world to make a decision. Already 3.6 billion people are highly vulnerable to rapidly worsening climate impacts such as droughts, floods, and heat stress. Meanwhile, Glasgow-era climate finance commitments are expiring, and elements of the Global Goal on Adaptation (GGA) are yet to be finalized.

This November provides the opportunity to elevate the issue of adaptation and resilience – and for countries to demonstrate they grasp the urgency and are prepared to act.

Success at COP30 will hinge on how three key questions are answered:

  1. Will countries agree on a new adaptation finance target backed with real commitments?
  2. Will countries finalize architecture to track progress toward the Global Goal on Adaptation and implement the UAE Targets for Global Climate Resilience?
  3. Will adaptation receive elevated political attention at COP30? 

A new adaptation finance target backed with real commitments

Belém will test whether negotiators can agree on a new adaptation finance goal that is anchored in clear targets, timelines, and accountability. The Glasgow Climate Pact’s goal to double adaptation finance is set to reach its deadline at the end of this year and countries are facing the question of what, if anything, comes next.

The form of the finance goal also matters: will it be a provision-based target ensuring measurable public contributions, or a mobilization target dependent on less transparent private leverage?

After two consecutive years of falling short, all eyes will be on whether the Adaptation Fund can finally meet its mobilization target and secure a multi-year replenishment to deliver predictable support.

Multilateral development banks (MDBs) are under pressure to demonstrate how to integrate adaptation into country-platform approaches including aligning finance for accelerated country-driven action and providing fast-start financing for implementation of National Adaptation Plans. NAPs have been completed by 67 developing countries and are underway in another 77 countries.

Climate adaptation can’t be just for the rich, COP30 president says

Vulnerable countries currently need an estimated $215 billion-$387 billion annually to adapt to climate change, far exceeding available funding. And developed countries face growing expectations to renew or grow their bilateral commitments beyond Glasgow-era pledges that are expiring this year or next.

Without tangible new finance commitments, the ambition of the Global Goal on Adaptation risks remaining rhetorical.

System to track progress on the Global Goal on Adaptation

The GGA still has no mechanism to measure progress, despite being established under the Paris Agreement in 2015, shaped through multiple work programs since 2021, and further expanded by the UAE Framework for Global Climate Resilience of COP28 which set 11 targets and launched the UAE-Belém Work Programme.

Agreeing on a robust, streamlined indicator set that is both scientifically sound and usable by countries with differing capacities will be one of the hardest tasks at COP 30. These outcomes will be a test of whether we can move from measuring resilience to building it.

Foreign aid cuts put adaptation finance pledge at risk, NGOs warn

Negotiators must settle the inclusion of equitable means-of-implementation indicators covering finance, technology, and capacity building. Finally, they must decide what comes next under the UN Framework Convention on Climate Change to ensure the UAE targets are acted upon within the next two to five years.

Those targets include seven that set resilience priorities for water and sanitation, food and agriculture, health, ecosystems, infrastructure, livelihoods and cultural heritage.

Adaptation needs greater political attention at COP30

Last week, COP30 President Corrêa do Lago released the first-ever COP presidency letter focused on elevating adaptation, calling for solutions that will make Belém the “COP of adaptation implementation”. His task now is to embed that principle across every strand of COP30’s delivery architecture.

One test lies in how realistically adaptation is integrated into the Baku-to-Belém Roadmap to $1.3 trillion to be released by the presidency. The implementation of the COP 30 Action Agenda, which provides a blueprint for collective climate action and solutions, could become the bridge between political vision and practical delivery on adaptation.

Momentum builds for strong adaptation outcome at COP30  

Questions remain on whether Brazil’s leadership on adaptation thus far will position adaptation as a political priority that will be reflected in leaders’ statements at the opening of COP30. The inaugural High-level Dialogue on Adaptation – hosted by the outgoing COP President Azerbaijan and Brazil – is another opportunity where countries can reaffirm and institutionalize adaptation as a permanent pillar of climate action.

In the role as the host and president of COP30, Brazil has repeatedly stressed the importance of matching adaptation with actual resources and accountability, highlighting adaptation as one of the five guiding stars of the Paris Agreement alongside mitigation, finance, technology, and capacity building.

With the right outcomes in Belém on finance targets, measurement systems, and political commitments, COP30 could be remembered as the moment adaptation financing and implementation finally matched the scale of the challenge.

The post Can COP30 mark a turning point for climate adaptation? appeared first on Climate Home News.

Can COP30 mark a turning point for climate adaptation?

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Cranberry Farmers Consider Turning Bogs into Wetlands in Massachusetts As Temperatures Rise

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The state is helping to transform cranberry bogs to into habitats that broaden conservation and climate change resilience.

What happens when a region no longer has the ideal climate for its star crop?

Cranberry Farmers Consider Turning Bogs into Wetlands in Massachusetts As Temperatures Rise

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As Lake Powell Recedes, Beavers are Building Back

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The decline of the reservoir threatens the water and electricity for 40 million people, but is resurfacing vast canyons and lush riversides that the aquatic rodents engineer into robust habitats for many species.

To hike up this narrow canyon, Eric Balken pushed through dense thickets of green. In the shadow of towering red rock walls, his route along a muddy creekbed was lined with bushes and the subtle hum of life. The canyon echoed the buzzing and chirping of bugs and toads. But not long ago, this exact spot was at the bottom of a reservoir.

As Lake Powell Recedes, Beavers are Building Back

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