The COP29 climate talks in Azerbaijan are set to agree on a bold annual financial target of $1 trillion or more to help developing countries tackle the challenges of global warming.
To achieve the target, COP29 seeks to introduce some new taxes as one way to get there, while the Global Solidarity Levies Task Force (GSLT), led by France, Barbados and Kenya, is exploring the issue.
Below are extracts from its latest report on the options being discussed and estimates about how much could be raised.
The levy that could be closest to being agreed is for shipping, responsible for around three per cent of global emissions, with governments set to debate a series of measures at a meeting of the International Maritime Organization in April 2025.
Models for a levy include a Pacific Islands and Caribbean proposal for a flat rate of $150/ton of carbon dioxide equivalent (CO2e), rising every five years, the GSLT said.
The European Union and Japan favor a levy of $100/ton in 2027, while countries including the Bahamas and Liberia have proposed an initial flat rate of about $18.75/ton.
