Revitalizing Climate Finance: Coalition Strategies Unveiled
A study by the Potsdam Institute for Climate Impact Research suggests smaller coalitions of fossil fuel-importing countries could generate USD 66 billion annually to aid developing nations in reducing emissions. The study recommends new levies on fossil fuels and cooperative efforts to meet the climate finance goals set for 2035.
- Country:
- India
In a groundbreaking study by the Potsdam Institute for Climate Impact Research, it's revealed that smaller coalitions of fossil fuel-importing countries could substantially bolster climate finance by contributing USD 66 billion annually. These funds would specifically target emission reduction efforts in developing nations.
At the recent COP29 in Baku, efforts to finalize a new climate finance target of USD 300 billion annually by 2035 were marred by the absence of incentivizing mechanisms. However, several nations, including Brazil, are advocating for innovative solutions like a global wealth tax on billionaires, projected to yield between USD 230-250 billion.
Also noteworthy, the International Maritime Organization's carbon dioxide shipping fee and planned taxes on premium flyers are seen as viable ways to provide additional funding exceeding USD 100 billion yearly for climate action. Cooperative efforts focused on fossil fuel levies and conditional participation incentives from major economies could further enhance these funding strategies significantly.
(With inputs from agencies.)
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