Who should pay for the new climate finance goal? The world’s super-rich, says a new study

Quick Summary:

Ahead of COP29 talks, campaigners say that a 1.7 to 3.5 per cent tax on the world's top 0.5 per cent could raise US$2.1 trillion a year – double the external climate funds needed by poorer nations – even with potential wealth relocation.

Based on Tax Justice Network’s estimates, Southeast Asia could raise nearly US$40 billion – with over US$14 billion coming from Singapore – just by taxing the region’s richest 0.5 per cent of households. Doing so could also boost Southeast Asia’s spending budget, on average, by 8.8 per cent.

Pre-COP29 talks in Bonn, which concluded in June, failed to make progress on this new funding target due to divisions over whether wealthier developing nations like China and Saudi Arabia should also pay up, on top of developed countries, who have historically contributed the most to global warming.

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Article Details

Author / Journalist: Gabrielle See

Category: EconomyBusiness

Markets: SingaporeAzerbaijanBrazilBruneiChinaDenmarkFranceGermanyIndiaIndonesiaJapanMyanmarSaudi ArabiaSpainTurkeyUnited KingdomUnited StatesVietnam

Topics: COP29 Tax Research UN Financing Inequality Climate justice Energy transition Sustainable finance Climate finance Resilience

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-19 @ 13:21:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 1301 words

Reading Time: 8 minutes read

Sentences: 46 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © Eco-Business

News ID: 22162839

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