Analysis by ActionAid International and The Robin Hood Tax Campaign shows that if the G7 countries stopped subsidising fossil fuels – as they committed to do in 2016 – this could provide $101 billion by 2026 to tackle climate-related loss and damage that is already hitting the world’s poorest countries.
But this would only go some way towards covering the $290-$580 billion projected financial cost of such damage to countries in the Global South by 2030. A carbon tax would help to make up the difference – at the same time as driving a rapid transition to zero carbon.
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Photo: Flooding in Bangladesh, 2020, @UKinBangladesh, Twitter