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Business Standard
30-07-2025
- 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
30-07-2025
- 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
30-07-2025
- 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.
Yahoo
29-07-2025
- Business
- Yahoo
Ardagh Metal (AMBP) Rebounds as Firm Slashes $4.3-Billion Debt
We recently published . Ardagh Metal Packaging SA (NYSE:AMBP) is one of the best-performing stocks on Monday. Ardagh Metal bounced back from two days of losses on Monday, jumping 6.38 percent to close at $4 apiece as investors cheered a massive recapitalization program that will see the company being taken over by new major shareholders. In a statement, Ardagh Metal Packaging SA (NYSE:AMBP) said that the transaction involves a debt-to-equity conversion of some $4.3 billion in obligations to creditors of its existing senior unsecured notes (SUN) and senior secured toggle (PIK) notes. Effectively, SUN creditors will become the majority shareholders of the group, receiving 92.5 percent of equity, while the remaining 7.5 percent will represent the PIK holders. The transaction also involves a provision for $1.5 billion in new capital and extension of existing bond maturities, among others. Pixabay/Public Domain Ardagh Metal Packaging SA (NYSE:AMBP) said that the transaction is expected to effectively reduce its debt burden. Ardagh Metal Packaging SA (NYSE:AMBP) said it expects to complete the transaction by September 30, 2025, subject to regulatory approvals and other customary conditions. While we acknowledge the potential of AMBP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Examiner
28-07-2025
- Business
- Irish Examiner
Creditors agree takeover of Irish packaging giant Ardagh from Paul Coulson
Glass and metal packaging giant Ardagh Group has agreed with a debt restructuring which will see some of its creditors take control of the whole business from Irish billionaire Paul Coulson. Holders of $4.3bn (€3.69bn) combined senior unsecured notes and payment-in-kind (PIK) notes will swap their debt for equity, the company said on Monday. The senior unsecured bondholders will own 92.5% of the equity following the transaction, while the PIK holders will get 7.5% of the shares. As part of the deal, Yeoman Capital — the investment vehicle through which Mr Coulson controls Ardagh — will receive a $300m (€257m) payoff to walk away, according to a presentation to investors released on Monday. Mr Coulson had been nearing a deal to cede full control of the company to creditors. Ardagh and its creditors have been in talks for months as the company sought to deal with debt coming due next year. Creditors previously rejected a proposal that would have left Mr Coulson in control of Ardagh Metal Packaging SA, the most profitable arm of the business, which is listed in the US. Mr Coulson took over the Irish Glass Bottle Company in Dublin, the predecessor of Ardagh, in the late 1990s. Under his ownership the firm has become the largest glass-container maker in Northern Europe. The current restructuring plan has the approval of creditors holding 75% of its senior secured debt, over 90% of its senior unsecured bonds and over 60% of its PIK notes, as well as that of its controlling shareholder. The deal also envisages the refinancing of its secured debt into new bonds due in December 2030, according to the statement. Some secured and unsecured creditors have also backstopped the provision of $1.5bn (€1.29bn) of new money, which will serve to repay a facility provided by Apollo Global Management last year. The money will also fund Yeoman's payoff and boost the company's liquidity. Ardagh is looking to implement the deal on a consensual basis, but would consider alternative implementation options including a UK scheme of arrangement, according to the statement. Bloomberg
