France, Kenya Collaborate To Revolutionize Climate Action Funding At COP28
By Faridat Salifu
France and Kenya has recently decided to collaborate an establish an international taxation taskforce at Cop28, aimed at creating new levies that would generate additional funds for climate action.
Advanced discussions with European and Global South countries are underway, with the intention to form a coalition in Dubai. The task force’s focus, reports say, encompasses potential levies on international shipping, aviation, financial transactions, and fossil fuels.
France’s development Minister, Chrysoula Zacharopoulou, was quoted as saying that the objective is to develop specific proposals by Cop30, to be negotiated through international institutions such as the OECD, the UN, or the G20.
Barbados’s climate envoy, Avinash Persaud, expressed willingness to participate in the initiative, emphasizing the need for additional international resources to support climate funding for vulnerable countries.
The proposal to implement taxes on fossil fuel extraction and emissions from the shipping industry, we gathered, is estimated to potentially raise significant annual sums. Nevertheless, reaching an agreement on these measures is expected to be politically challenging and time-consuming.
The alliance between France and Kenya gained momentum following the June global financial summit in Paris and subsequent efforts by President William Ruto at the African climate summit in Nairobi.
Efforts to form a broad coalition are ongoing and have been met with interest from various countries. While a detailed framework and specific targets have not yet been finalized to avoid deterring any potential participants, the coalition aims to provide a comprehensive analysis of each taxation option and assess their acceptability among different governments.
Sensitivity from large developing countries towards international climate taxation has been noted, with concerns about market distortion, hindrance of development, and the redistribution of emission reduction responsibility.
The taskforce aims to address these considerations and ensure that any adverse impacts are mitigated, particularly for developing nations.
Political coordination and prioritization of global climate efforts have also been key components of their alliance.