The finance ministers of Brazil and France pushed this week for a tax on US-dollar billionaires of at least 2% of their wealth each year, with the $250 billion it could raise going to tackle poverty, hunger and climate change.
Brazil’s Fernando Haddad and France’s Bruno Le Maire promoted their proposal at the Spring Meetings of the World Bank and International Monetary Fund (IMF) in Washington, alongside IMF head Kristalina Georgieva and Kenyan finance minister Njuguna Ndung’u.
“In a world where economic activities are increasingly transnational, we have to find new and creative ways to tax these activities [and] thus direct the revenues to common global endeavours such as ending hunger and poverty and fighting climate change,” said Haddad.
He called on world leaders to show “political courage”, embrace “innovative solutions based on evidence” and give their people “hope”. “Without courage, there’s no good politics that can be done,” he said.
Speaking next at a briefing in Washington, Le Maire said overhauling the taxation system was “a matter of efficiency and a matter of justice”, and that a levy on the super-rich should follow already-agreed measures for a digital tax and global minimum corporation tax. “Everybody has to pay his fair share of taxation,” he added.
Canadian minister vows to fight attempts to weaken plastic pollution treaty
French economist Gabriel Zucman is drawing up a proposal for a billionaires tax that will be presented to G20 finance ministers and central bankers when they meet in the Brazilian city of Rio De Janeiro in July.
Haddad, whose government will host that meeting as G20 chair, said he wanted the Group of 20 big economies to issue a statement of support. Le Maire said he hoped the wealth tax would be in place by 2027, ten years after reform of the international taxation system began.
But at a separate press conference in Washington this week, Germany’s finance minister Christian Lindner rejected the proposal. “We do not think it is suitable,” he said. “We have an appropriate taxation of income.” Lindner is from the free-market Free Democratic Party, part of Germany’s governing coalition with the centre-left and Greens.
Who will spend it?
Zucman said not all countries needed to agree to a measure for it to be implemented. If some countries don’t tax billionaires, others can tax them more to make up for it, he said, adding that is how the global minimum corporation tax rate of 15% – which went into effect this year – works.
While Haddad spoke of tackling hunger and climate change, it is not yet clear who would be in charge of spending the money raised from billionaires or what it would be spent on.
Esther Duflo in 2009 (Photos: PopTech)
Esther Duflo, another French economist who addressed G20 ministers this week, told journalists the money should be given to developing countries to deal with climate change.
The best use, she said, is for the money to go to poor people before a climate shock like a heatwave hits, for their communities to protect them through measures like air-conditioned public spaces, and to governments for reinsurance against climate disasters.
From academia to politics
A billionaires tax has long been pushed by progressive economists like Zucman and Joseph Stiglitz. But it has been taken from academia onto the political agenda by the G20 presidency of Brazil’s left-wing government led by President Luiz Inácio Lula da Silva and Haddad.
Zucman presented the proposal at a G20 finance ministers meeting in Sao Paulo in February. It was the “first time these issues of inequality, progressive taxation [and] extreme wealth concentration were discussed in such a forum”, he said, adding that the “vast majority praised Brazil for putting those issues on the agenda”.
The main barrier, he said, is that billionaires will fight back against it. “They have a particular hatred for any kind of tax based on wealth. Why? Because that’s the one tax that really works for them,” he said.
Gabriel Zucman speaks at the World Economic Forum in Davos last year (Photos: World Economic Forum)
But E3G analyst Sima Kammourieh, a former economic adviser to the French government, was more pessimistic about the prospect of a billionaires tax being implemented. She “wouldn’t completely rule it out, but it’s something which could take many many years to come to fruition”, she said.
Although Zucman insisted the tax could go ahead without the US on board, Kammourieh warned that a Donald Trump victory in the US elections in November would be damaging. Joe Biden has called for higher taxes on billionaires, while Trump is one of the world’s nearly 3,000 billionaires.
Elsewhere at the Spring Meetings in Washington this week, France, Kenya and Barbados launched a taskforce to examine how to fill the gap in climate finance for developing and vulnerable countries – excluding China – which will need investment of $2.4 trillion per year by 2030, according to economists Vera Songwe and Nicholas Stern.
The taskforce will consider taxes on wealthy people, plane tickets, financial transactions, shipping fuel, fossil fuel production and fossil fuel firms’ windfall profits. It will also mull redirecting state fossil fuel subsidies to a new global loss and damage fund and windfall taxes on fossil fuel producers when prices are exceptionally high.
The plan is for one or more proposals to be presented to governments with the aim of securing international agreement at the COP30 UN climate summit in Brazil in late 2025.
(Reporting by Joe Lo; editing by Megan Rowling)
The post Global billionaires tax to fight climate change, hunger rises up political agenda appeared first on Climate Home News.
Global billionaires tax to fight climate change, hunger rises up political agenda
Climate Change
From Belém to Antalya – gains, gaps and challenges for a new Just Transition Mechanism
Could a new mechanism to help countries transition to a cleaner, safer and fairer world be one of the main deliverables from the COP31 climate summit in Türkiye this November? Civil society groups – which played a key role in winning last year’s agreement in Brazil to set up a mechanism – want to see it come to life in Antalya and take shape in 2027.
The concept of a “just transition” has gained momentum and widespread support in recent years. It recognises that countries have varying levels of responsibility for planet-heating emissions and unequal resources to adapt to the impacts of global warming and move away from fossil fuels.
In July, UN Secretary General António Guterres told the High-Level Political Forum in New York: “We need to support the countries, communities and workers that depend on fossil fuels throughout the transition.” While few would dispute that need, governments at the UN climate talks are still working out how to respond to it with concrete action.
With discussions set to produce a decision making the mechanism a reality at COP31, observers want to ensure the new mechanism is more than just a talking shop.
Here’s what’s at stake in the just transition negotiations before and at COP31:
What has been agreed on the mechanism so far?
At the mid-year climate negotiations in Bonn, just transition was one of the few key issues on which governments reached a consensus, including on how to review the progress of the Just Transition Work Programme (JTWP) – a process that led to agreement on a mechanism last year at COP30 in Belém, Brazil.
Set up in 2022 and launched a year later, the aim of the JTWP is to discuss how to achieve a green economic and social shift that is fair, from the global down to the local level. Its accompanying mechanism will be tasked with strengthening international cooperation, technical support, capacity-building and knowledge-sharing to enable societies to become low-carbon and climate-resilient in a way that does not harm people and shares the benefits.
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Anabella Rosemberg, senior advisor on just transition with Climate Action Network (CAN) International, told Climate Home News that the most important outcome in Bonn was an informal document laying out various options for establishing the new mechanism.
However, this leaves a lot still to be worked out and the preliminary discussions at Bonn were not enough on their own to ensure the operationalisation of the mechanism at COP31, as planned.
“In the months ahead of COP31, this issue should be a priority for the COP31 presidencies – both Türkiye and Australia,” said Camila Mercure, climate policy coordinator at the Environment and Natural Resources Foundation (FARN), an Argentinian NGO, adding this would help secure more space for debate in the lead-up to and during the annual summit.
So far, an informal workshop for governments and NGOs to exchange views on the JTWP and the mechanism, and to push things forward has been organised from September 30 to October 2 in Sydney.
How will the review of the Just Transition Work Programme affect the mechanism?
One task for COP31 is to review the efficiency and effectiveness of the JTWP so far and to decide whether and how it will continue.
For Laura Restrepo Alameda, advocacy officer at Climate Action Network Latin America (CANLA), the main positive aspect is that it will include a mapping of instruments, initiatives and processes relevant to just transitions under the UN climate convention, the Paris Agreement and among other UN entities. “It’s a resource that will enable us to assess the complementarity and coherence of the various tools available to support the implementation of a [just transition] mechanism,” she told Climate Home News.
Not everyone wants the JTWP review and the work to launch a mechanism to feed into one another. Russia, Arab nations and a group of large emerging nations pushed for them to be separate – which they believe would make it easier to limit the scope of the mechanism – while the African Group defended joint work between the two processes.
According to Anthony Dane of Southern Transitions, a South Africa-based “think and do-tank”, governments also have varying concerns around the mapping exercise, which is being carried out by the UN climate change secretariat.
He noted in a recent webinar that some want to use it as a basis to argue that a lot is already being done on just transition and so the new mechanism does not need to offer much more, while others are preparing to argue the opposite, highlighting a lack of international cooperation and support.
For Dane, the mapping exercise also raises the bigger question of how to define the scope of “just transition” within the UN climate talks.
So far, richer countries have favoured a narrower view that focuses on phasing out fossil fuels, while developing countries have pushed for a broader “whole of economy, whole of society” approach that encompasses issues like green industrialisation and sustainable development.
Russia and some other high-emitting nations do not want the JTWP or its mechanism to become a tool for imposing new green trade restrictions, while the European Union has rejected attempts to use it as a forum to dispute its new carbon levy on imports. These debates are set to rumble on.
What will the mechanism do and when will it start?
In Bonn, countries discussed the design features of the mechanism – that is, the elements, governance arrangements, structures and functions it should have. The outcome was an informal preliminary note compiling a range of views and possible options.
While most country negotiating groups welcomed the document as a basis for further talks, Arab countries said it did not reflect their priorities, with Saudi Arabia insisting it had no formal status.
“The mechanism must contribute to international cooperation between countries, serve as a guide, support countries so that they can develop just transition strategies, and act as a channel for accessing funding to implement projects within their territories,” said Mercure of FARN.
But exactly what the mechanism should cover, and what it should not, remain a contentious subject for governments.
For example, the Like-Minded Developing Countries – a bloc of more than 20 low- and middle-income nations including China and India – and the Arab Group appear keen to avoid any targets, requirements or conditionalities being imposed on them with regard to transitioning away from fossil fuels (TAFF).
That contrasts with some Latin American and small island states that would like to see the mechanism used as a way of furthering global commitments already made in 2023 on TAFF and tripling renewable energy by 2030.
Developed countries, for their part, do not want the mechanism to put too much responsibility on them to provide finance and other forms of cooperation.
Some experts Climate Home News spoke to, meanwhile, called for the mechanism to lay out actions for different sectors – not just energy but also others like agriculture and heavy industries.
Sandeep Pai, senior lead for international energy transitions at Duke University, said the mechanism should focus on at least eight to ten high-emitting sectors, addressing how to support workers through the transition to cleaner ways of operating. But, he noted “talking about sectors was always an issue at the negotiations”.
Another issue important to civil society groups is that justice should be embedded in the process to operationalise what they have informally dubbed the BAM (short for the Belém Action Mechanism or, more recently, the Belém Antalya Mechanism).


“The key milestone between now and COP31 must be to define a structure for the BAM with clear governance, coordination and the inclusion of civil society,” said CANLA’s Restrepo Alameda. The network, which represents hundreds of NGOs, is calling for groups that are likely to be hit hard by the transition, such as workers and Indigenous peoples, to have a seat at the table.
Given the short time-frame until a decision to operationalise the mechanism is due to be agreed and adopted at COP31, experts say all these thorny issues are unlikely to be ironed out by then and further discussions may be needed to refine the form and functions of the new body.
CAN’s Rosemberg told Climate Home News that “an ambitious outcome” at COP31 would be to establish the mechanism with its key functions and modalities in Antalya, while setting up a transitional committee to speed up technical work and ensure the BAM is fully operational by COP32 in Ethiopia in 2027.
What is needed on the ground for a just transition?
The top-down nature of decisions taken at COPs generally do not reflect the specific situations of individual countries and communities on the ground – and this is particularly so when it comes to just transition.
Pai of Duke University contrasted India – where much of the transition will be about moving away from coal mining and coal-fired power stations – with countries that use relatively few fossil fuels like Costa Rica and will need to implement a very different set of changes.
He added that each country must define what a “just transition” means to them, according to their contexts and needs: is it about using less oil and gas, promoting green steel-making and lower-emitting buildings, or transforming some other high-carbon activity? The next step is to establish government bodies and policies to plan and drive the transition.
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“Global and broad declarations on a [just transition] mechanism are a good signal,” said Pai. “But we would be fooling ourselves if we think that just because something is getting declared, it will be implemented.”
When it comes to tackling dependence on coal, for example, Pai noted the difficulty of shutting down coal mines and replacing their role in local economies that tend to be heavily reliant on the industry for both jobs and revenues. According to the International Energy Agency, 3.1 million of the 7.8 million people working in coal-related activities in 2022 were employed in coal mining.


Why is finance the elephant in the room?
Finance – and finding more of it for climate action – has always been a bone of contention between developed and developing countries in the UN climate process, cropping up time and time again across negotiating streams, whether it’s the new goal for tripling resources for adaptation or filling the loss and damage fund.
In the corridors at Bonn, observers told Climate Home News that, for just transition, the discussions on the topic did not centre on setting up a new dedicated fund, but rather touched on how the mechanism could better connect available financial resources with just transition initiatives in countries.
The informal note on the new mechanism includes mobilising and facilitating “grant-based and non-debt-inducing finance” and channelling finance through North-South and other multilateral partnerships. It is unclear whether finance will be included in the final COP31 decision on the BAM. CAN’s Rosemberg has suggested a resource mobilisation taskforce could be set up to start identifying sources of funding.
An analysis by the Organisation for Economic Co-operation and Development (OECD) shows that, during the first year after mass layoffs, workers losing their jobs in energy-intensive industries – such as power supply, heavy manufacturing and transport – lose an average of 58% of their income, compared with 52% experienced in other sectors.
Pai flagged two challenges when it comes to funding just transitions: many large financial institutions don’t want to invest in low and middle-income countries because of their high-risk profile; and developing countries often lack a well-prepared pipeline of investable projects.
The Just Energy Transition Partnerships (JETPs) launched earlier this decade were an effort to overcome these barriers. The donor-backed initiatives, outside the UN climate process, mobilised billions of dollars from the public and private sectors to help several emerging economies, including South Africa and Indonesia, finance the transition to clean energy in an economically and socially fair manner.
But the JETPs have run up against some difficulties, such as Jakarta abandoning its plan to shut down a major coal plant early, which was a key part of the original deal.
Indonesia’s failing Just Energy Transition Partnership is a cautionary tale
With UN climate negotiations on finance seeing positions harden between developed and developing nations as donor governments struggle to meet existing targets, some observers believe talks on funding for just transition are unlikely to produce quick results in the form of hard dollars any time soon.
“Many of those who are asking for money don’t know what they’re asking for, and those who have the money don’t want to give. You can write a paragraph about finance [in the negotiations] but this fundamental reality will not change,” said Pai.
The post From Belém to Antalya – gains, gaps and challenges for a new Just Transition Mechanism appeared first on Climate Home News.
From Belém to Antalya – gains, gaps and challenges for a new Just Transition Mechanism
Climate Change
‘Bloody dangerous territory’: UN report an indictment of govt climate inaction
KOROR, PALAU, Wednesday 2 September 2026 — The new global heating projection by the United Nations Environment Programme (UNEP) has laid bare the dire realities of inevitable climate disaster, loss and damage for the Pacific and Australia in a 1.8°C world, with Greenpeace warning ‘we are now in bloody dangerous territory’, and must do everything possible to return warming to 1.5°C.
The report, Limiting Overshoot – Navigating exceedance of 1.5°C and pathways towards return, released as world leaders meet at this year’s Pacific Islands Forum in Palau, highlights the urgency of the climate crisis, the greatest security threat facing the Pacific. It comes as fracked gas from the Beetaloo Basin, one of Australia’s biggest climate bombs, began flowing for the first time.
Australia is the biggest polluter of all Pacific Islands Forum member states, far exceeding all other forum members combined. Greenpeace is calling on Prime Minister Anthony Albanese to centre Pacific priorities at the Forum, and walk the talk on climate solutions as a genuine family member of the Pacific.
Speaking from Palau, Shiva Gounden, Head of Pacific at Greenpeace Australia Pacific, said: “The latest UNEP report has printed in black and white that fossil fuel-hungry nations have overstepped, overshot and overindulged at the expense of Pacific lives, livelihoods, cultures and communities. This year’s Pacific Islands Forum has made it more apparent than ever that climate change is the region’s greatest security threat, and we cannot waste time on geopolitical power games when our world is sinking beneath our feet.
“As a person from the Pacific, I know our communities will not quietly accept these dire warnings of climate overshoot as our fate; we are already living and fiercely resisting this reality every single day. With every increment of warming, our lands, our livelihoods, and our island homes are threatened, but the Pacific’s resolve only grows stronger. We draw strength from our ocean and those who walked before us; our people are the protectors of the frontlines of climate change and the beacons of climate justice.
“By harnessing the natural power of our sun, winds, and seas through a rapid transition to renewable energy, and uniting in true global collaboration, we can steer back to 1.5°C – this is our moral, legal, and scientific imperative. A Fossil Fuel Free Pacific can breathe life back into the lungs of our islands.”
Also in Palau, Dr Simon Bradshaw, COP31 Lead and climate expert at Greenpeace Australia Pacific, said: “The UN report is warning that we are now in bloody dangerous territory. It lays bare the deadly consequences of reckless fossil fuel expansion, and a failure to listen to Pacific voices and to the decades of emphatic scientific warnings.
“It is a damning indictment of government climate inaction and negligence, coming just days after fracked gas from the Beetaloo Basin started flowing and Woodside’s disastrous Browse gas mega project undergoes Federal decision — two carbon bombs that would lock in decades of dangerous climate pollution and push us past the point of no return.
“Every new fossil fuel project pushes us closer to dangerous and irreversible tipping points in the climate system, with almost unimaginable consequences for the safety and security of communities in the Pacific, Australia and around the world.
“The task now is to minimise the magnitude, duration and consequences of any temperature overshoot. A pathway back to 1.5°C is possible but this pathway cannot be paved by fossil fuels.
“Accelerating the shift from fossil fuels to renewable energy, and working with our big energy partners across Asia to decarbonise together, is not only the path back from the climate brink, but also the key to our energy security and our future prosperity.”
Also in Palau, Vishal Prasad, Director of Pacific Islands Students Fighting Climate Change, said: “This report is terrifying for the young people of the Pacific. We know what 1.5, and what anything beyond it, means for our future, our families, our culture and our environment. 1.5 to stay alive has never been just slogan. It is our reality.
“The International Court of Justice has made it clear: keeping to 1.5 is not a choice, it is a legal obligation. Every new fossil fuel project drives us further from it. So we are not asking for your goodwill. We are not begging you. We are telling you what international law requires of you: end fossil fuel expansion. No new coal, no new oil, no new gas. Your corporate profits cannot be allowed to extinguish our future.”
—ENDS—
Greenpeace Australia Pacific has delegates from the Pacific and Australia at the PIFLM in Palau available for interview
Headshots can be found here
Media contact: Kimberley Bernard in Palau on +61407 581 404 or kbernard@greenpeace.org
‘Bloody dangerous territory’: UN report an indictment of govt climate inaction
Climate Change
UN sets out narrow path back to 1.5C warming after inevitable overshoot
Governments must slash emissions further and faster, and keep every climate promise they have made for the planet to be able to return to 1.5C of warming by the end of the century after an inevitable overshoot, a group of prominent climate scientists has said.
In a flagship new report sketching out a way not to lose the most ambitious Paris Agreement goal, the scientists said that global temperatures need to peak at no higher than 1.8C above pre-industrial levels to give the world “a fighting chance” to reverse course. They added that plans to suck carbon dioxide out of the atmosphere can only play a limited role in this effort and cannot substitute for emissions cuts.
A return to the 1.5C warming limit will only be reached in an optimistic scenario that sees governments turn their full national climate plans – known as NDCs – into reality and meet their additional, more ambitious targets to reach net zero emissions, said the report published by the UN Environment Programme (UNEP).
Actual government policy is far off that track. Current measures to cut emissions that are funded and in force put the world on course for around 2.8C of warming by 2100, UNEP has previously found.
Joeri Rogelj, professor of climate science and policy at Imperial College London and one of the report’s authors, said it is necessary to keep the temperature peak as low as possible as there are limits to how fast the world can reverse global warming.
That is because the scale of carbon dioxide removal (CDR) interventions that can be implemented sustainably and in a just way will otherwise not be sufficient and some measures, such as tree-planting or forest management, will be less effective at higher temperatures, he added.
Commenting on the report, UN Secretary-General António Guterres called for the 1.5C overshoot to be “as small and short as possible”. This, he added, “demands an overshoot of ambition”, involving accelerating the phaseout of fossil fuels and pursuing the renewables revolution, slashing methane pollution, and protecting land, forest and oceans.
“Governments must over-deliver on national climate plans, net-zero commitments, and beyond,” he urged in a video message. “The fight for 1.5 degrees is the fight for humanity.”
Overshoot, peak and decline
The report comes out nearly a year after the UN conceded for the first time that it is inevitable that global warming will exceed 1.5C temporarily and the world should focus on making that overshoot as small and short as possible.
UNEP’s Executive Director Inger Andersen told journalists that 1.5C remains the key goal, but “we now need a different approach from above”, while stepping up efforts to adapt to a warming world.
“A return to 1.5C is not assured,” she added. “But limiting the magnitude, duration and consequences of overshoot, while preserving the possibility of bringing temperatures back down, is the best remaining option to protect vulnerable people, reduce losses and secure a livable future for all.”
Battle over cleaning up shipping set to resume at London talks
Scientists warn in the report that warming above 1.5C should not be seen as safe or acceptable. Climate risks above that threshold intensify with every additional fraction of a degree of warming, they said. The report paints a grim picture of expected climate impacts: glaciers could lose more than a quarter of their remaining mass by 2100 and global food production could fall by as much as 14% by 2050 without effective adaptation.
Some small island developing states and low-lying coastal cities could be partially or completely submerged, while damaged ecosystems could further accelerate climate change.
“This report is a ‘fork in the road’ moment for the planet,” said Surangel Whipps, Jr., president of the Pacific island nation of Palau. “It is a further glimpse into a perilous future that has already arrived. To continue to have a fighting chance, calls for greater ambition are no longer enough – we need to see an urgent and unprecedented increase in political will and investment in a climate-safe future.”
Cut emissions first, remove carbon after
The authors call for a three-phase approach to bringing temperatures back down: an “immediate response” of deep and rapid emissions cuts and urgent protection for the most vulnerable as warming approaches and passes 1.5C; a “coping and containment” phase focused on reaching net-zero emissions and building resilience as temperatures peak; and a “long-term resilience” phase of net-negative emissions through carbon dioxide removal (CDR) and lasting adaptation as temperatures eventually decline.
Richard Betts, who leads climate impact research at the UK Met Office, said CDR is not a “get-out-of-jail-free card” and should only be additional to emission reductions that need to be achieved with “even more urgency than before”.
Critics of CDR have long pointed to the technology’s record of overpromising and underdelivering, and warn it has been exploited by the fossil fuel industry and some oil-producing states to try to delay the clean energy transition.
Not everyone was fully convinced by the UNEP overshoot report. Veteran climate scientist Bill Hare from Climate Analytics said it “does a good job of describing the hole we’ve dug ourselves into” but “a poor job of showing us that there is a way out”. He argued that its thin treatment of the need for a fossil fuel phase-out and ambitious mitigation pathways to cut emissions risk “turning it into a call to apathy rather than a call to arms”.
“Host of challenges” with CDR
Debra Roberts, honorary professor at the University of KwaZulu-Natal in South Africa, told journalists that limiting global warming to around 1.8C is needed to give the world “a realistic and fighting chance” of returning to the 1.5C limit because of the “questionable” feasibility of interventions above that threshold.
CDR comes with “a whole host of challenges”, she added, including the impacts on food and water security of rolling out large-scale programmes and the unanswered questions of whether newer technologies will work at scale and who will foot the bill.
“It’s going to happen in a very, very complex decision-making space where the risks and impacts are dramatically becoming more complex and interrelated,” she said. “That’s why the pressure there is keep those emissions as low as possible because they give us the greatest fighting chance of the return to 1.5C in a more equitable and just way.”
The post UN sets out narrow path back to 1.5C warming after inevitable overshoot appeared first on Climate Home News.
UN sets out narrow path back to 1.5C warming after inevitable overshoot
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