Rich countries could save the planet by raising $5 trillion a year, study says
The global fight against the climate crisis rests on the collective efforts of all nations. However, developing countries face significant challenges in reducing carbon emissions. To enhance their positive environmental impact, representatives from these nations are calling on wealthier countries to implement climate subsidies.
The climate crisis is becoming increasingly evident in various aspects of life, from global warming and natural disasters like floods and wildfires to widening the ozone hole. Activists are working tirelessly to raise public awareness of these pressing issues.
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In response, European Union politicians are attempting to introduce measures, including restrictions on single-use plastic packaging, to reduce waste. However, despite the efforts of environmentalists, activists, and policymakers, their actions remain merely a drop in the ocean compared to what is needed.
Are rich countries supposed to save the Earth?
Developing countries contribute vast amounts of greenhouse gases to the atmosphere through the extraction and consumption of fossil fuels. These nations seek substantial commitments from wealthier countries to address this issue. What exactly are they asking for? Developing countries are calling for at least $1 trillion annually to mitigate the effects of extreme weather events and reduce greenhouse gas emissions.
Researchers from Oil Change International have highlighted that wealthy nations could generate up to $5 trillion a year through a combination of wealth and corporate taxes, as well as stricter controls on fossil fuels.
A wealth tax on billionaires could raise approximately $483 billion globally each year, while a financial transaction tax could generate an additional $327 billion. Furthermore, taxes on the sale of technology, weapons, and luxury fashion are projected to bring in $112 billion. Activists also propose reallocating 20% of public military spending, which could provide an extra $454 billion annually.
Activists explain their plan
"Last year, countries agreed to phase out fossil fuels. Now it’s time for rich countries to pay up to turn that promise into action. There is no shortage of public money available for rich countries to pay their fair share for climate action, at home and abroad. They can unlock trillions in grants and grant-equivalent climate finance by ending fossil fuel handouts, making polluters pay, and changing unfair financial rules," Oil Change International's public finance lead, Laurie van der Burg, told The Guardian:
Director of Transforma Climate Diplomacy, Alejandra López Carbajal, added: "There is an attempt by developed countries to frame the new climate finance negotiations in a context of public finance scarcity, while in reality, there are enough resources to address the climate crisis."
Source: The Guardian
