Saudi Arabian Finance Minister Mohammed Al-Jadaan advocated for the implementation of international carbon taxes as a necessary step to address climate change, emphasizing the need for a globally coordinated system.
He argued that such a tax, coupled with subsidies for developing households and funding, would benefit developing countries and incentivize investments in mitigation and adaptation.
This perspective aligns with the growing support for an international carbon tax, as seen in proposals by French President Emmanuel Macron and Kenyan President William Ruto at the recent COP28 climate summit.
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"There is no realistic solution to the climate transition that does not involve a globally coordinated system of carbon taxes."https://t.co/cc7736ok1r pic.twitter.com/Ap7entnq9R
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“There is no realistic solution to the climate transition that does not involve a globally coordinated system of carbon taxes,” Al-Jadaan said.
“There’s a perception that it’s unjust, it’s unfair, it will lead to inflation. In fact, quite the contrary. If we don’t do this, the countries that will suffer most ultimately are the developing countries. They’re going to be the worst affected by climate change,” he said.
“What we need is a system of carbon taxes coupled with subsidies for developing households and a stream of funding for the developing world, to allow them to engage in investments and mitigations and adaption that allows them to keep growing. And that’s a real opportunity,” Al-Jadaan said.
“It’s a fair solution and it’s the only realistic solution, and we can’t keep ducking it,” he added.
“It’s a necessity if we want a real result because we need to raise more money to finance our fight against inequalities and for the climate,” Macron said.
The European Union also backs the expansion of carbon pricing to pressure businesses to reduce emissions.
Additionally, the World Economic Forum meeting in Davos heard calls for the International Criminal Court to recognize “ecocide” as a crime, expanding its jurisdiction to include environmental damage.
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