Robin Hood goes green: how FTTs can save the planet
The Cancun Conference of the Parties (the UN climate change talks underway in Mexico this week) is unlikely to be the last word on combating the threat of climate change. But one key issue where people hope progress will be made is on finance. It will cost at least $100bn a year to help developing countries cope with and adapt to the challenges of climate change.
Robin Hood Tax campaigners have at least part of the answer, as the World Wildlife Fund show in their latest briefing: a Financial Transactions Tax set at between 0.5% and 0.005%, depending on the transaction being taxed, could raise about four times that amount – so only a quarter would pay the climate change bill for the world, leaving the rest for fighting poverty at home and meeting the Millennium Development Goals.
UN Secretary-General Ban-Ki Moon established a high-level Advisory Group on Climate Finance earlier this year (Gordon Brown’s place was taken by Energy and Climate Change Secretary Chris Huhne) and one of the innovative financing proposals in their recent report is a Financial Transactions Tax, although they take a very cautious approach to its likely revenues, only quantifying the potential of a tax on currency speculation.
Robin Hood Tax campaigners from around the world, including the ITUC, will be using Cancun to make the case for a Financial Transactions Tax because of the contribution it could make to tackling climate change.