Climate Funding May Need Taxes on Flight Tickets, - U.N. Reports

Taxes on international flights, shipping and financial transactions, as well as a global carbon price of $20 to $25 may be key to annually mobilising $100 billion in climate funding by 2020, according to the United Nations high level advisory group on climate change financing which submitted its report in New York on Friday.

At UN climate summit held in Copenhagen last year, developed countries, including Australia, committed to a goal of jointly mobilising $100 billion per year to meet the needs of developing countries with regard to climate change mitigation and adaptation. The 21-member advisory group set up to chart a course to meet this goal includes Planning Commission Deputy Chairman Montek Singh Ahluwalia, as well as British Prime Minister Gordon Brown, economist Nicholas Stern and financier George Soros.

Terming the target as “challenging but feasible,” the report says that financing could come from both public and private sources.

“If we are to reach this goal, we will need a mix of new public sources, a scaling-up of existing public sources and increased private flows. A carbon price in the range of $20-25 per tonne by 2020 will be important to meet the goal,” ( The price of carbon is presently 5 cents per tonne!).

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Read more: Climate Funding May Need Taxes on Flight Tickets, Forex Deals: U.N. Report