Tax on oil and gas extraction. Will this be enough to stop climate change?

Luc Williams

So far, it has not been possible to establish coherent principles on which to become wealthy developed countries should finance UN climate protection activities. One idea is vocation fund to help developing economies. The deadline for his appointment may be November COP29 climate conference in Baku, in Azerbaijan. A decision will then be made whether climate protection activities should be financed exclusively from public money or whether they should also be obtained from the private sector and international institutions.

Extended responsibility for the climate

An EU that strives for carbon neutrality by 2050considers the load fossil fuel extraction sector additional fees to climate fund.

“Recognizing that themselves Public finances are unable to provide the amount necessary to achieve the new target, additional, new and innovative sources of financing should be identified and used, including those from the fossil fuel sector,” reads the EU draft and which was presented to a meeting of the bloc's foreign ministers in late March .

Appeal from developing countries

Developed economies must provide at least $1 billion annually financing climate actions In developing countriesto achieve national and global climate goalssaid representatives of India, one of the largest developing economies responsible for huge CO2 emissions.

Developing countries have argued for years that they cannot meet climate goals without significant international financial assistance. In addition the worst effects of climate change are felt precisely in developing and very poor countries that do not have the financial resources to build resilience in the face extreme weather phenomena and natural disasters.


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