African Leaders Advocate Global Carbon Taxes to Finance Climate Change Mitigation


African leaders have proposed new global taxes and reforms to international financial institutions to fund climate change action in a declaration following the Africa Climate Summit in Kenya.

The Nairobi Declaration focuses on mobilizing financing to adapt to extreme weather, conserve natural resources, and develop renewable energy in Africa, which currently receives only 12% of the financing it needs to cope with climate change.

The declaration calls for major polluters and global financial institutions to commit more resources to help poorer nations and suggests a global carbon taxation regime, including a carbon tax on fossil fuel trade, maritime transport, and aviation.

It also advocates for reforms to the multilateral financial system and the development of a new Global Climate Finance Charter by 2025. African countries plan to take these proposals to the U.N. climate conference and COP28 summit for further discussion.

Source:( Reuters )

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