The leaders of France, Barbados, and Kenya are urging the implementation of global taxes on carbon emissions, particularly from sectors like maritime shipping, to generate funds for climate resilience in developing countries.
French President Emmanuel Macron, Barbados Prime Minister Mia Mottley, and Kenyan President William Ruto proposed these “solidarity levies” just before the COP29 UN climate conference, which starts Monday in Azerbaijan.
In a joint op-ed on Project Syndicate, the three leaders highlighted the need to tax “largely under-taxed” sectors contributing significantly to pollution, including aviation, shipping, and fossil fuel industries. According to the International Monetary Fund, government subsidies kept the fossil fuel industry’s tax rates low, costing an estimated $7 trillion in 2022.
A suggested levy of $100 per ton of CO₂ on shipping could yield around $80 billion annually, while a $5 per ton tax on fossil fuel extraction could raise approximately $210 billion. The leaders argue that even a partial redistribution of these funds would provide a reliable climate finance source for vulnerable countries.
The leaders noted that a task force has been evaluating potential levies on shipping, fossil fuels, and other areas, with plans to unveil concrete proposals in early 2025. The leaders hope to gain COP29 support for implementing the initiative as soon as next year.
