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Bold new policies are needed to mobilize public finances for climate change mitigation and adaptation, and there is a strong case for progressive taxation of carbon-intensive activities and extreme wealth. Such taxes would generate revenues, shape incentives, and support the principle of “common but differentiated responsibilities.”
Taxing polluters is key to climate justice
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PARIS – After years of avoiding any explicit mention of the root cause of climate change, negotiators at the UN Climate Change Conference (COP28) in Dubai last year finally reached an agreement calling for a “transition away from fossil fuels.” But another nagging question still remains: How will this transition be financed? As Simon Stiell, the UN climate chief, recently noted, “it is clear that finance is a critical factor in the global fight against climate.” (LAURENCE TUBIANA, more at project-syndicate.org)