Taxes on the profits of oil and gas, maritime and aviation industries, additional levies on leisure travel, and the cancellation of subsidies for any fossil fuel could offer the world enough financial resources to help vulnerable countries deal with climate impacts and developing economies transition to greener energy, an independent high-level expert group said in its report released on Monday.
The report by the Independent High-Level Expert Group on Climate Finance (IHLEG) was released by Barbados prime minister Mia Mottley, who is also the architect of the Bridgetown Initiative to address the needs of countries facing debt and liquidity challenges, at this year’s UN Climate conference (COP28) underway in Dubai.
In its efforts to redraw the climate finance mechanism, the Initiative…