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The Climate Finance Plan Leaders Won’t Consider at COP29? Tax the Rich

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Carbon Credits,Climate Emergency,Climate Finance

Sam Pizzigati, veteran labor journalist and Institute for Policy Studies associate fellow, edits Inequality.org. His recent books include: The Case for a Maximum Wage (2018) and The Rich Don't Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class, 1900-1970 (2012).

The world desperately needs to pull the plug on fossil fuels. So agree most of the official delegates from nearly 200 nations who have gathered this month by the Caspian Sea for the 29th annual global “Conference of the Parties” on climate change—COP29 for short—in Azerbaijan’s capital city Baku.But not all the estimated 70,000 attendees at this year’s COP are practicing what they should be preaching. Private jet arrivals at Baku’s international airport, news reports note, have just doubled.

The “onus” for financing moves to counter the climate crisis, COP29 President Mukhtar Babayev from Azerbaijan is arguing, “cannot fall entirely on government purses.”Our globe’s richest nations would also like to expand the trading of “carbon credits,” transactions that let wealthy developed nations delay making costly emissions cuts at home by underwriting much less costly climate actions in poor nations.

 

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