When G20 finance ministers gather in Rio de Janeiro this week, Brazil and France have a chance to put these powerful countries on track to deliver a global wealth tax that could raise over $680 billion per year in the fight to tackle poverty and the climate crisis. Both countries have been vocal supporters of taxing the super-rich to fund international development and climate action.  

In April, finance ministers Fernando Haddad (Brazil) and Bruno Le Maire (France) announced their intent to tax the wealth of billionaires by at least two percent annually, prompting ministers from Germany, South Africa and Spain to back the proposal. As the current host of the G20, Brazil commissioned an investigation into the feasibility of this global wealth tax – and the results were published by French economist Gabriel Zucman in June, generating further momentum in efforts to fill the funding gap for climate and development.  

Zucman’s findings show that a global wealth tax on the super-rich – billionaires and people with assets worth more than $100 million – could be enforced successfully even if all countries did not adopt it. It is also a popular measure: more than two-thirds of people across seventeen G20 countries show support for making the super-rich pay higher taxes as a means of funding major improvements to our economy and lifestyles.  

This isn’t surprising. Ensuring that billionaires are properly taxed could deliver significant, tangible benefits in people’s lives and go some way to addressing the systemic injustices and inequality reflected by the climate crisis and poverty. 

The world needs a new global deal on climate and development finance

An ambitious global wealth tax, together with higher and permanent tax on oil corporations and extraction, would provide hundreds of billions of dollars/euros each year to properly fund scaling up renewable energy, rolling out heat pumps and insulation programmes to lower the cost of heating or cooling our homes, new public transport links, future-proof jobs and much more – helping communities to thrive.  

It would also end more than a decade of broken promises by G20 states, ensuring that some of the world’s wealthiest countries have enough money in their national coffers to provide adequate finance to pay for those suffering the consequences of climate impacts now. Helping the poorest communities prepare for unnatural disasters like increased wildfires, flooding and sea level rise, and ensuring people can rebuild their homes, infrastructure and places of work when preventative measures are not an option. 

Power to communities

A global wealth tax is a moral imperative. By implementing a fairer system of taxation, the G20 could accelerate a just transition to a low-carbon economy, cutting dangerous carbon emissions and boosting living standards and energy access at great scale, while also tackling deep-rooted injustice. Delivering finance for community-oriented renewable energy projects across Latin America, Africa, Asia and the Pacific would put power back in the hands of communities that continue to suffer from the violent legacy of colonialism and extractive profiteering. 

For this to be achieved France, and other wealthy nations in the G20 like Germany and the UK, must be willing to make concessions and assume historical responsibility for exploiting fossil fuel extraction in the economically poorer countries whose citizens are experiencing the worst consequences of the climate crisis. The emerging French government must deliver concrete plans to redirect its fortune and tax its billionaires towards a renewable energy-powered planet. 

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It is incumbent on both Brazil and France to seize the opportunity presented by growing support to deliver a global wealth tax at the meeting of powerful finance ministers this week. Both countries must do everything they can to build trust and political will around the crucial proposal. But this will be a challenge if they undermine their stance on the international stage with contrasting domestic policy, something both governments are guilty of. 

Brazil has been pushing for new oil projects, including in the Amazon and is gearing up to become the fourth-largest oil producer in the world. France, despite being fined by the European Commission, is still not on track to meet its domestic renewable energy targets and announced in February a two billion-euro cut to the budget allocated for environmental and energy transition programmes. It is high time for both countries to stop the smoke and mirrors approach to international diplomacy, by aligning their commitments at national and international levels. 

Leaders’ summit

This week, ministers Haddad and Le Maire have a responsibility to rally their G20 counterparts around the wealth tax proposal and send a strong and unified signal to heads of state and governments to take concrete action that delivers a global wealth tax on billionaires when they meet in November. 

The stakes are high. The vast scale of global inequality means that nearly one in eleven people around the world live below the poverty line according the World Bank. In addition, this is set to be yet another record-breaking year for climate impacts, in a critical decade to prevent global heating from tipping over the 1.5°C threshold – a limit beyond which the ability of impacted communities to survive and thrive will be put at intolerable risk. We need to see vast quantities of finance mobilised to scale up renewable energy at the speed needed, and billionaires and multi-millionaires need to be forced to pay up.  

We’re all rooting for this one to work – it can take us a long way.

The post A global wealth tax is needed to help fund a just green transition appeared first on Climate Home News.

Europe’s first comprehensive climate risk assessment, published in May, sent a clear and unequivocal message: climate risks facing Europe have reached a critical level and urgently require decisive actions from European policymakers.  

Yet the recent EU parliamentary elections – which delivered significant gains for Europe’s far-right and dealt a blow to its green parties – alongside a recently leaked list of EU Council priorities for the next five years, indicate a marked U-turn in the EU’s commitment to climate action.  

The EU has faced a dramatically changed geopolitical situation over the past few years, marked by the upsurge of far-right political forces in several member states, growing trade-tensions with China, and a humanitarian disaster and heightened energy security risk caused by Russia’s war in Ukraine.  

Against this backdrop, EU policymakers have had to make tough decisions on strengthening security in Europe, diverting their attention to defense, security and migration issues, although this has come at the expense of the EU’s much flagged international climate leadership and green agenda.  

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We argue that the EU should stay the course on climate action. Despite geopolitical turns and a backlash from some industries over legislation brought on by the Green Deal, European policymakers have a responsibility to follow through on climate commitments – and thereby avoid the tremendous risks that face us if they do not. 

Exacerbating geopolitical risks 

Protests have included those by European farmers against sustainability provisions in the EU’s Common Agricultural Policy. Recently, the EU Council only just managed to approve the highly anticipated, but embattled Nature Restoration Law, thanks to a rare display of political defiance by the Austrian environment minister.  

The law provides critical policy levers for improving Europe’s much degraded ecosystems, strengthening their resilience towards climate change. Hence this vote was critical, although it may still face a legal challenge.  

Despite dilution, officials say new nature law can restore EU carbon sinks

There is ample irony in the notion that political efforts and financial resources should be diverted to enhance Europe’s defence and security capabilities and strengthen the EU’s external borders from human migration. Climate change is certain to exacerbate the impacts and risks from geopolitical conflicts and wars and will be the mega-driver of migration over the coming years. 

And while legislation that requires businesses to take action on climate change and biodiversity loss is certainly going to be burdensome for some, these costs pale in comparison with the effects that climate change will have on the European economy.  

Corporate credit rating downgrades due to companies’ exposure to climate risks have already accelerated, according to S&P Global. And climate-induced disruptions of supply chains are likely to cost the global economy up to $25 trillion over the next 35 years under the current trajectory. Much of this cost will be borne by businesses. 

Ways to protect Europe 

EU-level policies are currently dangerously inadequate to safeguard European lives and livelihoods from the majority of the potentially catastrophic threats that will loom over Europe in the coming years and decades.  

But there are solutions, if bold action is taken in the following areas: 

• Protect and restore marine and coastal ecosystems by minimising pressures from overfishing, agricultural runoff and other industrial activities to avoid disastrous degradation of marine ecosystems. 
• Conserve and restore Europe’s forests through the recently passed Nature Restoration Law to safeguard Europe’s ecosystems and their many services on which the European economy and wider society heavily depend. 
• Leverage the Common Agricultural Policy to strengthen incentives and policy certainty for transforming and adapting Europe’s agricultural sector to extreme heat and drought. 
• Shore up the preparedness of healthcare systems and resources against the impacts of heat waves on vulnerable populations and outdoor workers, especially in southern Europe.  

• Bolster investments in climate adaptation abroad. This support will also be critical to reduce cascading climate risks that originate beyond Europe’s outer borders.   

With this comprehensive body of scientific evidence and advice at hand, European policymakers must resist the urge to adopt a tunnel-vision approach and focus solely on near-term risks, but rather approach climate change as a systemic threat to European’s economy, society and natural capital.  

The scientific community already has called on policymakers to reverse the current course of retreat from the EU environmental agenda, in an open letter to the EU’s legislative bodies.  

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The actions taken by the incoming group of elected lawmakers and appointed officials will determine the level of harm and damage European citizens will have to endure over the coming decades. It is critical that European policymakers take the long view.  

The decisions and actions they take today will lock our children’s future onto a path. Only today’s policymakers can make sure that path takes us towards a world that can sustain a functioning social order and human life.  

The post New European Parliament must act on climate change as a systemic threat   appeared first on Climate Home News.

In three vital and interrelated areas – climate, development and nature – the next UK government could play a significant role in driving progress at a critical time.

It needs to start office on day one with a plan that positions the UK ahead of key summits on those issues – summits that will have a critical bearing on people, planet, and future generations. The time to start preparing is now.

The NATO summit begins within days of the UK general election now planned for July 4. The year ends with G20 meetings in Brazil, a global biodiversity summit (COP16) in Colombia, and the COP29 climate conference in Azerbaijan. A new UK government could play an important role in rebuilding trust and make a positive contribution to the world by adopting far-sighted positions on climate, development and nature. 

On climate, the next government could immediately signal its intent by comprehensively stepping up its efforts to meet its own national climate commitments, after a period of drift and uncertainty. There is no more powerful message from the UK to the cause of global climate action than the country decisively implementing its own pledges, through concerted action on green energy, transport, infrastructure and land use.  

Progress at home needs to be matched in real time by leadership on the international stage in negotiating an appropriately ambitious and credible ‘new collective quantified goal’ on climate finance.

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A strong finance outcome at COP29 would acknowledge the historic responsibility for climate change from some of the wealthiest nations, including the UK, while ensuring that all countries play their full part in mobilising the flows of public as well as private finance needed to transition to a 1.5 degree-aligned, resilient and nature-positive economy. Successful resolution of the finance negotiations this year in Baku would open up the possibility for a more ambitious round of climate action en route to COP30 in Belem, Brazil in November 2025. 

Development finance

On international development, the UK can move fast by upholding and restoring its development finance commitments, including to some of the world’s poorest people; by updating its toolkit to meet today’s interlinked development, climate and nature challenges; and by using all of the means at its disposal (including debt relief, multilateral development bank reform, and capital increases) to drive global financial architecture reform and a successful replenishment of the International Development Association 21 later this year.  

The UK can also lead the way in pressing for international support to be integrated and aligned behind countries’ own inclusive, green development plans; and by making the case for multilateral trade reform aligned with the Sustainable Development Goals and the Paris Agreement.  

In addition, the UK has a particular responsibility to resume a global leadership role on debt relief, a role it last played in the early 2000s during the era of former Prime Minister Gordon Brown. It could take legal and other action to unstick debt cancellation processes for some of the most indebted countries, by bringing private creditors to the table and brokering concerted action on debt relief at the G20.  

Global billionaires tax to fight climate change, hunger rises up political agenda

The UK should lend its political support to the Brazilian government’s laudable G20 initiative on tax reform, as well as its important work on climate and hunger; and support other promising efforts to raise revenue for development, such as levies on shipping and aviation. The next finance minister should consider the UK’s global role on these issues as being as centrally important to their legacy as issues of national economics; and ensure that the UK drives global progress on new flows of finance for climate and development, at the scale set out by economists Nick Stern and Vera Songwe in their 2022 report.   

Protect and restore nature

On nature, the UK should redouble its actions to protect and restore nature and biodiversity at home, including through pursuing more sustainable farming and land management. At the same time, the UK should use its influence and finance to drive global progress on the nature agenda, both in terrestrial ecosystems as well as the ocean. The goal here is to protect at least 30% of the planet by 2030 and to mobilise major flows of public and private finance to support countries, local communities and Indigenous Peoples to protect their ecosystems.

At the UN biodiversity conference in Colombia in October, the UK could assume a critical role on the global stage by making the case for the protection and restoration of natural ecosystems as fundamental to human life, to addressing the climate crisis, and as one of the most effective forms of pro-poor development assistance.   

At a deeply troubling and fractured time in multilateral affairs, revitalised global leadership from the next UK government on climate, development and nature could make a very constructive contribution to securing the better, fairer, more sustainable and more peaceful world which is still within our grasp to secure.   

 Editor’s note: The latest BBC analysis of opinion polls ahead of the July 4 general election in the UK shows the opposition Labour Party with 45% of voter support, while the ruling Conservative Party trails with 24%.

The post Climate, development and nature: three urgent priorities for next UK government appeared first on Climate Home News.

Set against the global backdrop of poverty, hunger, climate change, debt and conflict, it can feel hard to be hopeful at present. But there is a real win-win opportunity – as well as a deep moral obligation – to heal geopolitical divisions, foster peace, alleviate poverty, ensure food and nutrition security, address the climate crisis, and deliver a better, fairer future for people and planet. It lies in the reforms of the global financial architecture necessary to deliver the additional sum of at least $3 trillion required to support countries to meet the Sustainable Development Goals and the Paris Agreement on climate change.

Last year’s international meetings in Paris and Nairobi – leading to the Paris Pact for People and Planet, and the Nairobi Declaration – have made the case for debt relief, enhanced international taxation and global financial architecture reform. These reforms will be centre-stage at next week’s Spring Meetings of the World Bank and the IMF in Washington DC.

Here the world must urgently come together to articulate and deliver a clear plan for how to end hunger and build resilient food systems, backed by real leadership, enhanced coordination, accountability and finance. The task at hand is to connect the global imperative to act on food security, sustainable agriculture and malnutrition with the broader efforts underway to drive a reform agenda and to replenish the World Bank’s concessional lending arm, the International Development Association (IDA).

At UN climate talks in Dubai last year, 159 world leaders committed themselves to action on food security and climate change by signing the COP28 Emirates Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action – the first of its kind. The commitments in this declaration now need to be linked with the emerging global plan for increased finance.

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African potential

Africa is ground zero for the climate crisis, but is also the continent where solutions will have the most impact. Of the 9.8 billion people expected to live on the planet by 2050, a quarter will be African. Financial reforms must unlock climate-positive green industrialization and transform food systems across the continent in a way that is compatible with sustainable and inclusive economic growth. But the ultimate test will be whether the funds released reach the communities who need them most, when they need them, producing the desired results of ending poverty, building climate-resilient infrastructure, saving nature and biodiversity from extinction, and delivering prosperous lives for all.

This goal is within our reach – with evidence and farmers’ testimonials showing the success of innovative models such as the Arcos community-led scheme in Rwanda, which has empowered smallholder farmers to preserve and restore forests and agricultural landscapes. To date, 12,000 community members have grown 4.2 million trees, including fruit trees for boosting income and nutrition, nitrogen-fixing species to improve soil health, fodder species for livestock and indigenous species for biodiversity, on more than 20,000 hectares. The farmers have also built terraces across the hilly landscapes to reduce soil erosion and prevent pollution of lakes and rivers.

Nigeria’s path to net zero should be fully lined with trees – and fairness

Across much of the Global South, there are numerous such inspiring examples of where communities and societies have established social safety nets, fostered rural development, and promoted gender and social equity. These approaches have enhanced  communities’ capacity to plan for and respond to more extreme weather, to continue to deliver their crops to market despite climate change and other challenges, and to provide nutritious food for their families.

Smallholder farmers produce a third of the world’s food, yet receive only 1.7 percent of climate finance. Globally, there must be a major shift in financial flows to change that, including efforts by international development partners such as the World Bank and the philanthropic sector. National government leadership is a prerequisite to success, including revising agricultural subsidy programs to ensure they incentivize farming practices and behaviour that will help the world close the hunger gap while reducing greenhouse gas emissions, protecting biodiversity and restoring degraded lands.

Global momentum growing

This year there is a golden opportunity to make progress on financing for food systems. As a result of consistent advocacy – including from Barbados Prime Minister Mia Mottley, Kenyan President William Ruto and World Bank President Ajay Banga – an additional $300–400 billion in low-cost concessional finance and lending has been promised over the next decade by the multilateral development banks (MDBs) to low- and lower-middle income countries.

This recalibration of the international finance institutions’ balance sheets is a welcome development to build on – and demonstrates that climate and development commitments can be honoured. The social, economic and environmental case for making these kinds of investments in food security is unequivocal. Well-designed investments deliver four-fold benefits: they strengthen food security and nutrition; reduce greenhouse gas emissions; support nations and communities to adapt to a changing climate; and protect and restore nature.

The Brazilian government has committed to put zero hunger, sustainable agriculture and food systems centre-stage at the G20 this year, through its Global Alliance Against Hunger and Poverty, and has committed to work closely with Italy and the rest of the G7 on this agenda. President Lula has also rightly placed the ongoing deeper reboot and replenishment of the multilateral development bank system at the heart of his G20 agenda. His leadership – in partnership with African governments and the G7, and harnessing such key moments as the UN Summit for the Future – could drive major progress at this critical time, starting at the Spring Meetings this April.

The post Spring Meetings can jump-start financial reform for food and climate  appeared first on Climate Home News.

Since then, both major powers have independently striven to decarbonise their massive economies. The upcoming EU-China summit in Beijing will be yet another moment when both leaders can emphasise the successes in decarbonising the respective economies.

In China, climate action is identified as a priority from the highest political level. Recently, President Xi Jinping vowed to guide international cooperation to tackle climate change during a tone-setting meeting on environmental protection.

It is in China’s own interest to connect with the international community and play a role in global climate action. This reflects the concept of ‘Community of Common Destiny’, an idea that indicates that China’s interest is aligned with the interest of the rest of the world.

It is important to link global climate concerns with local environmental concerns, especially around air quality. Aims around economic upgrades, energy transformation, local air quality and global climate concerns are consistent with each other. That is why China is confident in saying, ‘this is our business’.

China has established its climate leadership credentials by improving energy efficiency, moving away from its reliance on coal and dominating the world’s clean energy build out.

For instance, China led the world last year in renewable energy investment by a wide margin. Of the US$280 billion invested in renewable energy globally last year, nearly half came from China, according to a Bloomberg New Energy Finance report conducted with the United Nations Environment Programme.

The nearly US$127 billion that China invested in renewables was more than three times as much as the United States, which ranked second. This isn’t just the immediate past – China has invested more on renewable energy than the United States for nine straight years.

China also has quickly become the global leader in electric cars – both production and sales. Chinese companies produce roughly half of the electric cars manufactured worldwide last year and plug-in vehicle sales in China were also half the worldwide total, according to research by the International Council on Clean Transportation.

For perspective, Chinese companies produced and Chinese drivers purchased more electric cars than in all of Europe, Japan, and the United States.

Such massive investment and deployment in clean energy technologies is one thing – but what about actively forcing greenhouse gas emissions reductions?

China is tackling that too. In December, the country launched a cap-and-trade programme for carbon dioxide emissions, which is set to be the world’s largest carbon market.

By putting a price on carbon pollution, Chinese authorities plan to drastically slash coal’s role in the power sector, which still gets nearly two-thirds of its electricity from coal-fired power plants.

China is spending heavily on renewables, replacing gas- and diesel-powered cars, and making carbon pollution more expensive. If US President Donald Trump was right, and climate change was a “concept…created by and for the Chinese in order to make U.S. manufacturing non-competitive,” then China is falling for its own “hoax.”

Of course, such strong climate action isn’t mere altruism, but also in the nation’s best interest. Chinese leaders understand that the climate economy is, simply put, the economy of the future. An economy that pollutes its people will not remain a global force for decades, and China must now link these domestic actions to international goals.

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For many years, the world saw partnership between China and the U.S. as the preeminent bilateral climate relationship in the world. Today, however, China’s relationship with the EU is equally – if not more – important.

Since President Trump signaled his intention to withdraw the US from the Paris Agreement, the world needs even stronger leadership from China and the EU. China is looking to the EU to act as a strong ally and partner, and we are both bridge-builders well suited to help others.

As the largest developing country, China can work with other rapidly industrializing states like emerging economies. As a group of developed economies, the EU can offer special support to the most vulnerable states and least developed countries. Together, China and the EU can find more opportunities to work together to fill the gap enlarged by the Trump administration.

Already, China and the EU have worked together to implement and support the Paris Agreement, cooperating on carbon trading, technology transfers, or the Ministerial on Climate Action (MoCA). Today, the world needs a signal that it makes economic sense to keep pushing on climate action.

There is real risk that – as the U.S. withdraws from its role as climate leader, or perhaps from the Paris Agreement entirely – other nations will buckle and backslide. The world cannot afford weakening targets. Rather, we need to be ramping up ambition continuously, and China and the EU are best positioned to lead the charge.

China and the EU can both boast to the world of beating targets. China has already met its 2020 target for carbon intensity, and the EU has similarly already met its 2020 emissions reduction target.

For both parties, the over achievements have been rewarded with economic progress. The time is right for both powers to strengthen targets under the Paris Agreement, to lead by example and show the world that true climate ambition is a strength.

China may well be ready to boost its goals for 2030, and the European Union could provide the encouragement. By committing fully to net-zero emissions by 2050 at the latest as part of its new climate strategy, and by updating its 2030 target to deliver that long-term objective, the EU would invite similarly aggressive action by China.

In recent years, China has grown to be a dominant force in the low carbon market, but that dominance isn’t yet fully reflected in climate diplomacy. By showing strong signals of increased ambition, Europe can bring China along to the head of the table of international climate action.

This article was originally published by Euractiv

The post China and EU can lead on climate action appeared first on Climate Home News.

A network of activists are planning the largest ever climate demonstration in September, to encourage world leaders to take action.

The People’s Climate March on 21 September is timed to show support for efforts to tackle climate change ahead of a summit in New York hosted by UN secretary general Ban Ki-moon.

More than 500 green, faith-based and social groups have already signed up to take part in the People’s Climate March.

The organisers say the march will be “so large and diverse that it cannot be ignored”.

There will be a range of events leading up to and around the main march in Manhattan, New York City.

Plans for a parallel march in London are also under way.

The website explains: “We believe that world leaders will only act (or be able to act) on climate change when everyday people express the desire, and create the political mandate for them to do so.”

The post Largest ever climate march to spur world leaders into action appeared first on Climate Home News.

Outside the Arab world however, it is less clear. Iran is the world’s eighth largest emitter of greenhouse gases ahead of the United Kingdom, Mexico and South Korea but very little is known about its attitude to reducing its emissions.

A UAE-based market research firm Conovi, which focuses on Iran has released the results of a survey on the nation’s attitudes to climate change.

With 80% saying they were concerned about climate change, Iranians demonstrate a similar level of concern as Americans (77%) and Chinese (78%).

The headline results also show that only 11% believe that man-made changes are already having an effect on the climate. Despite this 70% said they are making efforts to reduce their impact on the environment.

The post 80% of Iranians are concerned about climate change appeared first on Climate Home News.

The President of the EU Commission has called on the continent’s ‘partners’ to show more climate action in 2013.

José Manuel Barroso said that its ‘political goals’ were not met at the UN climate talks in Doha this December, and that more was needed next year.

Setting out the EU’s New Year’s Resolutions to a Sustainable Development Summit in Brussels, Barroso reaffirmed the EU’s commitment to the 2015 climate pathway and said next year would see clear milestones for this set out.

He also re-pledged the EU’s promise of climate finance, stressing they would deliver on their €7.2 billion in fast-start finance and €7 billion more in the coming years.

“Let me frank: we did not meet [our] political goals as we would have wanted,” he said. “It is difficult when your partners are less willing to commit. But still, the European Union pushed the agenda onwards in Doha”

The EU currently has a 2020 target of cutting its emissions to 20% below 1990 levels, although many are calling for this to be raised to 30%

“We agreed to establish clear milestones for the next year’s, in view of drafting a comprehensive global agreement by 2015, to be in force by 2020. And Europe demonstrated its leadership by agreeing to extend the Kyoto Protocol until then.

“We also resolve to continue our work on the ground, since global warming will not wait until 2020. The EU will keep to supporting mitigation and climate resilient actions from our partners in developing countries.”

He also stressed the link between sustainable development, as discussed at this year’s Rio+20 Earth Summit and climate change action, discussed in Doha, calling climate change the “risk multiplier” for food insecurity, poverty, migration and political instability.

As said the EU would continue to support work on these two parallel issues.

“Climate action is an integral part of our development agenda,” he said. “For example sustainable energy will bring an important contribution to the fight against climate change. In this context, the EU is supporting the “Sustainable Energy for All” initiative to help developing countries to adopt cleaner and more efficient energy technology.

“Our ambitious goal is to help developing countries to provide 500 million people with access to sustainable energy services. Accordingly, the Commission has mobilised over half a billion euro for Sustainable Energy for All this year alone.”

The post EU President Barroso demands greater climate action in 2013 appeared first on Climate Home News.

Click on the map below to see what groups around the world are getting up to.

View Action Map in a larger map

Are you a student or part of a community group? Do you have some great examples of climate action you want to share? Then get in touch with Tierney at ts@rtcc.org or @rtcc_tierney or call the office on 020-7340-2865 (UK).

Download our student information pack here.

The post RTCC’s Youth Action Map appeared first on Climate Home News.