Poor countries need $1 trillion a year in climate finance before 2030, much earlier than rich countries are likely to agree to at
The all-important text for what is known as the “new collective quantified goal” has expanded from nine to 34 pages but this was a technical summary needing to be knocked into shape over coming days, he added, before minsters gather next week in an attempt to forge a political agreement. With global subsidies for fossil fuels standing at about $7 trillion, “redirecting that into the clean is a key part of what we have to do”, he said. Focusing on the demand side by “switching to clean energy is the best way to cut off oil and gas supply”.
The report considers where the levies might be applied. Crypto is notoriously energy-intensive – by one estimate, mining bitcoin accounted for almost 1 per cent of global energy demand last year. Charging just $0.045 per kilowatt-hour for the energy would produce $5 billion, according to the second report of the taskforce.