Ending G7 fossil fuel subsidies could generate $101bn to offset climate damages in the Global South by 2026

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.

Full story here.

Photo: Flooding in Bangladesh, 2020, @UKinBangladesh, Twitter

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: