Report to be discussed at Cop30 says global agreements should target carbon intensive activities and ‘ultra high net worth individuals’
New taxes on the super-rich, fossil fuels, financial transactions and highly polluting and carbon-intensive activities should be explored as key ways of raising the finance needed to help poor countries, governments have been told in an influential report.
The proposal is one of the top recommendations of a new blueprint for global climate finance, the Baku to Belém roadmap, drawn up by the governments of Brazil and Azerbaijan, the current and the previous president of the UN climate Cop process.
In a surprisingly strong intervention, they call for “strengthened international cooperation on taxation, and experiments with voluntary partnerships between countries on, for example, sector-based contributions, highly polluting and greenhouse gas intensive activities, financial transactions and ultra high net worth individuals”.
They add the caveat that countries should “carefully consider potential negative impacts on development priorities and trade and redistribution mechanisms”.
