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Business Standard
18 hours ago
- Business
- Business Standard
Small coalitions could unlock $66 bn a year to fight climate change: Study
New research from the Potsdam Institute for Climate Impact Research (PIK) suggests that smaller alliances of fossil fuel-importing countries could raise up to $66 billion every year to help developing nations reduce emissions. This approach, the study says, would not increase costs for consumers and could be a realistic way to support global climate goals, news agency PTI reported. At the COP29 summit in Baku, Azerbaijan, held in November 2024, countries agreed on a new goal to raise $300 billion per year by 2035 for climate finance. There is also a broader target of mobilising $1.3 trillion from both public and private sources. However, the agreement did not include any concrete plan on how this money would be raised. Several countries are proposing different types of levies to support climate funding: -Brazil and other nations are supporting a 2 per cent global wealth tax on billionaires, which could generate up to $250 billion annually. -The International Maritime Organisation (IMO) has approved a carbon dioxide fee of $100 per tonne on shipping emissions starting in 2027. This could bring in $13 billion per year. Fossil fuel levies could raise $66 billion annually According to the PIK study, countries working together on fossil fuel import taxes could generate $66 billion a year to help lower-income countries shift to cleaner energy. If levies also covered emissions from international flights and shipping, the total could reach $200 billion per year. 'Governments are facing tightening fiscal space and are grappling with the question of where the money for international climate finance will come from. Smaller coalitions of countries cooperating on different kinds of levies could go a long way to solve the problem, without extra cost to consumers,' said Ottmar Edenhofer, PIK Director and lead author of the study, as quoted by PTI. EU-China cooperation could be a game-changer The research also shows that cooperation between large importers like the European Union and China could significantly boost climate finance. In one scenario, EU-China collaboration would quadruple the funds raised compared to what either could generate on its own. Consumers could also benefit from this cooperation, as lower global fuel prices would balance out any price increases from the levies. The study estimates that such collaboration could deliver: -$66 billion yearly for emission reductions in developing nations -$33 billion in net gains for those countries -$78 billion in avoided climate damages -$19 billion in annual fossil fuel savings India achieves non-fossil power target India has reached its target of 50 per cent non-fossil fuel-based power capacity five years prior to its 2030 deadline, Minister of New and Renewable Energy Pralhad Joshi announced earlier this month. Out of a total 484.8 GW installed capacity, 242.8 GW now comes from non-fossil sources. India has also set a goal of generating 500 GW from renewable energy by 2030. Fossil fuel combustion kills 1,500 In a separate study, scientists found that about 1,500 people died during the heatwave in the first week of July in Europe, solely because of climate change. 'These people would not have died if it had not been for our burning of oil, coal and gas in the last century,' said Friederike Otto, a climate scientist at Imperial College London and co-author of the study. Researchers from Imperial College and the London School of Hygiene and Tropical Medicine used peer-reviewed methods to estimate that 2,300 people died across 12 cities due to the heat. Nearly two-thirds of these deaths were directly linked to higher temperatures caused by climate change. Of the 1,500 climate-related deaths, over 1,100 were people aged 75 or older, the study found.
Time of India
19 hours ago
- Business
- Time of India
Cooperative fossil fuel levies could raise 66 bn annually to fight climate change: Study
A new study by PIK proposes that coalitions of fossil fuel-importing countries could generate USD 66 billion annually to aid developing nations in cutting emissions. Cooperative levies on fossil fuels, especially with EU-China collaboration, could significantly boost climate finance. This approach offers a win-win scenario, reducing emissions and benefiting consumers through lower fuel prices and avoided climate damages. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Smaller coalitions of fossil fuel-importing countries could generate USD 66 billion annually to help developing nations cut emissions, according to a new study by climate economists at the Potsdam Institute for Climate Impact Research (PIK).Governments at COP29 in Baku, Azerbaijan, in November 2024 agreed to a new climate finance goal of USD 300 billion per year by 2035, with an ambition to mobilise USD 1.3 trillion from public and private sources, but failed to propose a mechanism to incentivise are advancing new taxes to boost climate finance. Brazil and others back a 2 per cent global wealth tax on billionaires, which could generate USD 230-250 billion International Maritime Organization (IMO) has approved a USD 100 per tonne carbon dioxide shipping fee from 2027, expected to generate USD 13 billion. France, Spain, Kenya, and Barbados plan levies on premium flyers and private jets, which could add over USD 100 billion yearly for climate to the PIK study, cooperative levies on fossil fuels could raise USD 66 billion every year for financing emission reduction efforts in low and middle-income the scope to include pricing emissions from international aviation and maritime shipping could push contributions to USD 200 billion annually."Governments are facing tightening fiscal space and are grappling with the question of where the money for international climate finance will come from. Smaller coalitions of countries cooperating on different kinds of levies could go a long way to solve the problem, without extra cost to consumers," said PIK Director and lead author Ottmar study explores scenarios where countries act in their own interest but cooperate on fossil fuel levies and channel the revenues to support energy transition in developing finds that if the European Union makes the levy rates conditional on other countries joining, large importers like China would have an incentive to one scenario, the EU-China cooperation would quadruple the climate finance raised by each compared to acting alone. Such collaboration would also benefit consumers by lowering global fuel prices, offsetting any price increases from the study estimates that with the EU-China cooperation, developing countries could receive USD 66 billion annually to reduce fossil fuel use, including USD 33 billion in net damages from climate impacts could be worth USD 78 billion, with an additional USD 19 billion saved on fossil fuel prices each funding from these levies could also cut emissions by more than a billion tonnes of CO2 annually, exceeding Germany's current researchers say this approach offers a model for funding global public goods."Our analysis strongly suggests that coalitions to raise funds for global public good provision would be a win-win. We show by pairing targeted spending of these levies on international climate finance, benefits can be shared by all," said Matthias Kalkuhl, one of the study's study is part of the project "ODA in the Mutual Interest of Donors and Recipients", funded by the Gates Foundation and coordinated by the Kiel Institute for the World Economy.
The Print
20 hours ago
- Business
- The Print
Cooperative fossil fuel levies could raise 66 bn annually to fight climate change: Study
Countries are advancing new taxes to boost climate finance. Brazil and others back a 2 per cent global wealth tax on billionaires, which could generate USD 230-250 billion annually. Governments at COP29 in Baku, Azerbaijan, in November 2024 agreed to a new climate finance goal of USD 300 billion per year by 2035, with an ambition to mobilise USD 1.3 trillion from public and private sources, but failed to propose a mechanism to incentivise contributions. New Delhi, Jul 30 (PTI) Smaller coalitions of fossil fuel-importing countries could generate USD 66 billion annually to help developing nations cut emissions, according to a new study by climate economists at the Potsdam Institute for Climate Impact Research (PIK). The International Maritime Organization (IMO) has approved a USD 100 per tonne carbon dioxide shipping fee from 2027, expected to generate USD 13 billion. France, Spain, Kenya, and Barbados plan levies on premium flyers and private jets, which could add over USD 100 billion yearly for climate action. According to the PIK study, cooperative levies on fossil fuels could raise USD 66 billion every year for financing emission reduction efforts in low and middle-income countries. Expanding the scope to include pricing emissions from international aviation and maritime shipping could push contributions to USD 200 billion annually. 'Governments are facing tightening fiscal space and are grappling with the question of where the money for international climate finance will come from. Smaller coalitions of countries cooperating on different kinds of levies could go a long way to solve the problem, without extra cost to consumers,' said PIK Director and lead author Ottmar Edenhofer. The study explores scenarios where countries act in their own interest but cooperate on fossil fuel levies and channel the revenues to support energy transition in developing nations. It finds that if the European Union makes the levy rates conditional on other countries joining, large importers like China would have an incentive to participate. In one scenario, the EU-China cooperation would quadruple the climate finance raised by each compared to acting alone. Such collaboration would also benefit consumers by lowering global fuel prices, offsetting any price increases from the levies. The study estimates that with the EU-China cooperation, developing countries could receive USD 66 billion annually to reduce fossil fuel use, including USD 33 billion in net gains. Avoided damages from climate impacts could be worth USD 78 billion, with an additional USD 19 billion saved on fossil fuel prices each year. The funding from these levies could also cut emissions by more than a billion tonnes of CO2 annually, exceeding Germany's current emissions. PIK researchers say this approach offers a model for funding global public goods. 'Our analysis strongly suggests that coalitions to raise funds for global public good provision would be a win-win. We show by pairing targeted spending of these levies on international climate finance, benefits can be shared by all,' said Matthias Kalkuhl, one of the study's authors. The study is part of the project 'ODA in the Mutual Interest of Donors and Recipients', funded by the Gates Foundation and coordinated by the Kiel Institute for the World Economy. PTI GVS RHL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Kuwait Times
3 days ago
- Business
- Kuwait Times
UN tells Australia, Turkey to end COP31 standoff
SYDNEY: UN climate chief Simon Stiell (right) speaks during a Smart Energy Council event in Sydney on July 28, 2025. — AFP SYDNEY: The United Nations climate chief on Monday urged Australia and Turkey to resolve their long-running tussle over who will host next year's COP31 summit, calling the delay unhelpful and unnecessary. Australia and Turkey submitted bids to host the high-profile conference in 2022 and both countries have refused to concede to the other ever since. Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, which oversees COP summits, said the deadlock was undermining preparations. 'A decision needs to be made very quickly,' he said at a Smart Energy Council event in Sydney. 'The two proponents need to come together and between themselves and within the group to make that decision. The delay in making that decision is unhelpful to the process.' The annual UN talks rotate through five regional groups. COP31's host must be unanimously agreed upon by the 28 members of the Western Europe and Others Group (WEOG) bloc. The UN had set a deadline of June for the group to reach consensus. Australia is seeking to co-host next year's summit with the Pacific to showcase its renewable energy transition. It had hoped to secure the bid, which has majority backing among its regional group, at COP29 in Azerbaijan. The UK, a WEOG member, last week reiterated its support for Australia and 'expressed the hope that a decision would soon be reached' during Australia-UK Ministerial Consultations held in Sydney. But Turkey has rebuffed calls to drop out of the race, and instead doubled down on its efforts during interim talks in Bonn last month. Turkey argues its Mediterranean location would help reduce emissions from flights bringing delegates to the conference, and has pointed out its smaller oil and gas industry compared to Australia. Stiell said the deadlock was now affecting the planning of the COP process, involving thousands of delegates from 200 member countries. 'In negotiations that are as complex as they are, that lack of clarity creates tensions that are completely unnecessary at this stage,' he said. Asked for comment, the office of Australian Climate Change Minister Chris Bowen referred to an interview where he said Australia's bid had the backing of 23 out of 28 WEOG members. Australia had also approached Turkey multiple times to find a 'win-win' solution, he said. 'We've got the votes. We could have all the votes in the world. If Turkey is not going to withdraw, that's still a challenge,' Bowen told The Conversation Politics Podcast on Thursday. At the same event, Stiell also called on Australia to set an ambitious 2035 emissions target and accelerate its clean energy transition. Australia's national climate plan, due in September, would be a 'defining moment' that could send a message that 'this country is open for clean investment, trade, and long-term partnerships', he said. — Reuters
Hamilton Spectator
3 days ago
- Politics
- Hamilton Spectator
The Taliban's top environment official wants the UN to include Afghanistan in climate talks
ISLAMABAD (AP) — The Taliban's top environment official on Monday called for Afghanistan's inclusion in U.N. climate talks, saying extreme weather and water scarcity are having a 'profound impact' on people's lives and the economy. A Taliban delegation attended last year's COP29 climate talks in Azerbaijan , but as observers. Matiul Haq Khalis, the head of the National Environmental Protection Agency, said the suspension of environmental protection projects after the Taliban takeover in 2021 had resulted in widespread harm to Afghans. Khalis said he wanted inclusion at COP30, which is being held in Brazil later this year. Russia is the only country to recognize the Taliban's government. 'Afghanistan is severely affected by climate change,' Khalis told a conference in Kabul. ' Drought , water shortages, declining arable land, flash floods , and threats to food security are having a profound impact on people's lives and the economy. 'Although Afghanistan's contribution to global climate change is almost nonexistent, it suffers greatly from its consequences.. As a victim of climate change, Afghanistan has the right to be present at global platforms, especially at COP30, to voice the damages it has endured.' Earlier this month, the U.N. published a report that said June was marked by below-average precipitation and higher-than-average temperatures across Afghanistan. By the end of May, the significant decline in soil moisture had already negatively affected the yield and productivity of rainfed wheat, according to the report from the U.N. Office for the Coordination of Humanitarian Affairs. 'The current monsoon season has started earlier than usual, beginning in May instead of the typical June or July, and is more intense than in recent years. Forecasts indicate above-average rainfall in many regions.' In Baku last November, Khalis told The Associated Press that authorities had prepared national action plans to deal with climate change and would be updating their climate goals. He said the country had great potential for wind and solar power, but needed international support to develop it.
