Energy News
ENERGY NEWS
Tax crypto and plastic to pay for climate, development, leaders urge
Tax crypto and plastic to pay for climate, development, leaders urge
by AFP Staff Writers
Baku (AFP) Nov 14, 2024

Plastics and cryptocurrencies could be taxed like flying and fossil fuels to plug the gap in climate finance and help developing countries, according to a task force led by France, Kenya and Barbados.

The three countries believe that hundreds of billions of dollars could be generated from "Global Solidarity Levies" on the most polluting industries to help developing countries.

Barbados Prime Minister Mia Mottley, an influential advocate for climate action, told the UN's COP29 climate talks in Azerbaijan that the time had come "to consider levies".

"Between maritime, airlines and fossil fuels, we are comfortably in the vicinity of about $350 billion a year, and this will go substantially on top of the public money," she insisted.

"Large parts of the economy pollute the planet but contribute little to public finances, development and climate mitigation," said the task force's report released in Baku.

Its experts floated core levies on private jet fuel, frequent flyers, windfall fossil fuel profits, shipping and stocks and bonds and derivatives.

Taxes on cryptocurrencies, plastics and the super-rich are also proposed, the latter idea pushed by Brazil during its G20 presidency.

The experts estimate that $5.2 billion could be raised from a levy on cryptocurrencies because of "the high energy demand of crypto mining", a move which they argue could also reduce emissions.

The report also said that a tax on crypto transactions could raise "tens of billions a year".

The contribution that the plastics industry may have to make comes as UN talks on the world's first treaty on plastic pollution take place in Busan, South Korea later this month.

"The levy would be intended as a source of finance to support developing countries with action to combat plastics pollution," the experts said, and could raise $25 to $35 billion a year.

As well as France, Kenya and Barbados, the 17-member coalition behind the task force includes the EU and the African Union, with Brazil signalling that it too will join.

Related Links

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
ENERGY NEWS
Nations far apart in COP29 climate finance talks
Baku (AFP) Nov 13, 2024
A fresh draft of a UN climate deal released Wednesday offers wide-ranging options to raise funding for poorer countries, signalling that tough negotiations remain at the COP29 talks in Baku. Landing a new agreement to boost money for climate action in developing countries is the top priority of negotiators at the summit in Azerbaijan. But it is deeply contentious, and consensus has eluded negotiators from nearly 200 nations for the better part of a year. Most developing countries favour an a ... read more

ENERGY NEWS
Climate finance: who is being asked to pay what at COP29?

Bangladesh's Yunus seethes over climate cash fight; I.Coast to create $500 mn

Climate 'financing gap' is widening: ECB chief

Tax crypto and plastic to pay for climate, development, leaders urge

ENERGY NEWS
Tackling the energy revolution, one sector at a time

NASA opens Power Systems essay contest for K12 students

In search of high-performance materials for fusion reactors

Texas A&M to train machine learning tools to design materials for fusion power plants

ENERGY NEWS
Sweden blocks 13 offshore wind farms over defence concerns

Sweden's defence concerned by planned offshore wind power

On US coast, wind power foes embrace 'Save the Whales' argument

Renewables revolt in Sardinia, Italy's coal-fired island

ENERGY NEWS
'Solar Great Wall' aims to power Beijing and curb desertification by 2030

Tech's green wave hits choppy waters

KAIST researchers improve hybrid perovskite solar cells with enhanced infrared capture

Investigating limitations in new materials for perovskite solar cells

ENERGY NEWS
Framatome and Nuclearelectrica partner to produce Lutetium-177 in Romania

Vietnam looks to restart nuclear power projects

US touts Trump-proof nuclear expansion plans at COP29

Nuclear energy gains importance in Europe's green energy plans

ENERGY NEWS
Sacred cow: coal-hungry India eyes bioenergy to cut carbon

Waste heat from London sewers eyed to warm UK parliament

Bio-based fibers may have greater environmental impact than traditional plastics

Cobalt copper tandem catalysts transform CO2 into renewable ethanol

ENERGY NEWS
Oil execs work COP29 as NGOs slam lobbyist presence

Fossil fuel emissions to hit new record in 2024: researchers

Court challenge begins against UK oil and gas field approvals

Oil and gas investment vastly outstrips loss and damage aid: NGO

ENERGY NEWS
COP29 host tries to calm waters after diplomatic turmoil

Nations to submit boosted climate plans: what's at stake?

Paris agreement climate goals 'in great peril', warns UN

COP29 talks stall from start with fight over agenda

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.