Could globally coordinated levies be implemented to raise funds for critical climate action by taxing the ultra-rich, the fossil fuel industry, and other polluters?
The Global Solidarity Levies Task Force was set up after COP28 and is supported by the UN, World Bank, G20, European Commission, and the African Union. The task force experts have now set out sixteen specific levy ideas for public consultation that could raise billions annually, covering aviation, fossil fuels, carbon pricing, shipping, financial transactions, plastic polymers, cryptocurrencies, and high-net-worth individuals. Some of these taxes already exist in several countries, making a broad international rollout within reach.
According to the Task Force website: “There is a significant gap between current financing and the levels required to meet the 2030 Sustainable Development Goals, the Paris Agreement, and the Global Biodiversity Framework…. [we are] developing options for internationally coordinated levies to help close this gap - ensuring that the most polluting industries and activities that have benefited most from globalisation contribute their fair share.”
You can weigh in during this stage at the Task Force website, and results will be presented to the world’s governments in Brazil this November at the COP30 summit.
On the subject of COP30, it's very good news to know that Brazil has appointed a veteran climate diplomat with no direct ties to the fossil fuel industry to be the next COP president.
For the first time in 3 years, the COP30 president (who plays a crucial role in shaping the agenda and brokering deals) will not hail from the fossil fuel sector. Corrêa do Lago has been Secretary for Climate, Energy and Environment at Brazil’s foreign ministry and Brazil’s chief climate negotiator since 2023.