Kenya, alongside France and Barbados, takes the lead in mobilizing global efforts to raise $2.4 trillion annually for climate initiatives. President Ruto, President Macron, and Prime Minister Mottley spearhead the establishment of the International Tax Taskforce at COP28, marking a historic step towards equitable climate justice.
The taskforce convenes in Washington DC to endorse a comprehensive two-year work plan, targeting the most polluting industries and individuals to contribute to climate financing. Proposed measures include a fossil fuel levy, windfall fossil fuel profits tax, and a phase-out of fossil fuel subsidies, aiming to bridge the climate-funding gap.
Exploring innovative financing mechanisms, the taskforce proposes taxes on private air travel, financial transactions, and maritime fuel usage. These measures are projected to generate substantial revenue annually, ensuring that the burden of climate financing is shared equitably among stakeholders.
Ali Mohamed, Kenya’s Climate Change Envoy and Sherpa to the taskforce, emphasizes the importance of practical solutions that prioritize climate action without unduly burdening ordinary citizens. Laurence Tubiana, CEO of the European Climate Foundation, underscores the necessity of global collaboration and invites nations, stakeholders, and experts to engage in shaping the future of climate finance.
