African leaders have proposed a global carbon tax regime in the Nairobi Declaration, concluding the Nairobi Climate Summit in Kenya. The document demanded that major polluters contribute more funds to developing countries. It will also form the basis of their negotiating position at the COP28 summit in November.
The African Climate Summit focused on mobilizing financing for climate adaptation, conserving natural resources, and developing renewable energy. Africa is among the most vulnerable continents to the impact of climate change, but only receives about 12% of the nearly $300bn annual financing it needs to cope.
The Nairobi Declaration urged world leaders to support the proposal. The taxation regime includes a carbon tax on fossil fuel trade, maritime transport, and aviation. It may also be augmented by a global financial transaction tax.
The African Climate Summit prioritized climate adaptation financing, natural resource conservation, and renewable energy development. Africa is one of the most vulnerable continents to the effects of climate change, but it receives only about 12% of the nearly $300 billion in annual funding required to cope.
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According to the International Monetary Fund (IMF), about two dozen countries currently levy carbon taxes. However, the concept of a global carbon tax regime has not gained recognition, referring to rejected previous proposals for a financial transaction tax in the European Union.
Some activists say the credits, which allow polluters to offset emissions by funding green activities, are a pretext for big polluters to keep emitting carbon dioxide. According to Joab Bwire Okanda, senior advisor at the Christian Aid charity, while the call for a global carbon tax is welcome, “false solutions like carbon credits that allow polluters a free ride without taking meaningful action need to be consigned to the dustbin.”
Even so, African leaders acknowledged that these investments only scratch the surface of the continent’s financial needs and called for more systemic changes. Some analysts said the summit had not focused enough on how to help Africans adapt to extreme weather.
Source: bbc.com
