COP28 Requested to Study Imposing Higher Taxes for Pollution Producers

Thursday, 30 November 2023

COP28 Requested to Study Imposing Higher Taxes for Pollution Producers

The Conference of the Parties 28 (COP28) is requested to discuss the imposition of high taxes on polluting industries.

For information, COP28 is a framework under the United Nations (UN) and is planned to be held on 30 November-2 December 2023 in the United Arab Emirates (UAE).

Quoting, the request for an increase in taxes for polluters was conveyed by COP advisory panel member Amar Bhattacharya. According to him, the tax collected from polluting companies can be used to produce predictable resources.

High Investment

Remember, the investment required to make the energy transition from fossil to renewable energy is very large. According to the panel's calculations, the value could reach US$ 2.4 trillion per year by 2030, second only to China worldwide.

Part of this funding can be met by each country. However, most of this comes from loans provided by rich countries.

In fact, according to the report entitled Finance for Climate Action: Scaling up Investment for Climate and Development, it is known that investment spent on developing fossil fuels is still higher than investment for a clean economy.

Still in the report, COP28 is considered to have a moral obligation to encourage energy companies to voluntarily contribute to this issue.

Calls to increase taxes are not just limited to energy companies, including shipping companies that carry 90% of world trade and account for around 3% of the world's carbon emissions. (ASP/KEN)


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