COP28: Global warming could cost poor countries trillions

A prominent developingworld leader on the issue of climate change said Monday that global taxes on the financial services oil and gas and shipping industries could drum up hundreds of billions of dollars for poorer countries to adapt and cope with global warmingBarbados Prime Minister Mia Mottley focused on how poorer countries with help from richer countries and international finance could shoulder the astronomical costs for the world to adapt to climate change reduce its future impact and pay for losses and damage caused as climate trouble like floods forest fires and heat waves rip through communitiesThe UN climate summit known as COP28 which is being presided over by the head of the United Arab Emirates biggest oil company put its attention Monday on how developing countries could possibly pay trillions of dollars that experts say they will need to cope with global warmingThis has probably been the most progress weve seen in the last 12 months on finance Mottley told reporters about pledges to fund the transition to clean energy adapt to climate change and respond to extreme weather eventsBut were not where we need to be yet she saidSmall island nations have been pushing climate finance in the negotiations saying its vital for the countries to be able to adapt to rising seas encroaching on their landCedric Schuster the minister for natural resources of Samoa said hes optimistic that the climate talks could make headway on the finance issue but urged that countries are still a long way off where they need to beSchuster who is also chair of the Alliance of Small Island states said Samoans want to be assured that they will survive Their trust in us is to be here to amplify their voices and for the world to understand the outcome of their concerns and for us to make sure the right global decisions are madeClimate activists chimed in on the issue at the twoweek conference in Dubai by staging a protest at the sprawling venue thats taking in tens of thousands of leaders economists business leaders philanthropists and others to find a way to revamp the way the world generates and uses energy in the 21st centuryBillions not millions Fill the fund now they chanted referring to the loss and damage fund for countries impacted by climate harm Countries including Germany and UAE have been pledging hundreds of millions into the fundBut Eric Njuguna an activist from Kenya said we need the rich countries to pay into the loss and damage fund on the scale of hundreds of billionsMottley praised the formal launch of a loss and damage fund at COP28 that organizers say has already drawn some 720 million in commitments but said that a far cry of the 420 billion with a B neededMottley said a tax on global financial services set at a 01 percent rate could raise 420 billion for it not 720 million where we are todayIf we took 537 of oil and gas profits last year oil and gas profits were 4 trillion that would give us 200 billion Mottley said If we had a 137 tax on the value of shipping that last year the value of that was 7 trillion that would give us 70 billionThe G20 a group of key developing and industrialized countries that are responsible for fourfifths of all greenhouse gases said in New Delhi earlier this year that developing countries will need 59 trillion by 2030 to meet their climate goals They say another 4 trillion is needed if theyre to get on track to have netzero emissions by 2050The United States the worlds richest country has never adopted a global tax and Republicans in the US Congress are loth to adopt new taxes and are especially hesitant to fund many multilateral institutions and programsIts not easy to levy an international tax It needs countries agreeing to make those taxes said Lord Nicolas Stern a cochair of a panel of experts looking into the cost of financing the fight against climate changeAnd poorer countries need money upfront to make investments in renewables possibleWhere were talking about climate change I think the maritime and oil and gas and travel are of particular relevance to this issue Stern said And that means countries getting togetherSo we can see what to do increase to increase the investment Its got to be big he addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever