Robin Hood made a conspicuous appearance at the UN Climate Talks in Bonn today. The token caps of Sherwood Forest’s merry band of thieves are popping up all over the conference center; as labor, development and environmental leaders call on negotiators to replace the future robbed from the developing countries most vulnerable to the impacts of climate change by securing innovative sources of finance for adaptation & mitigation.
The filthy rich look on wondering if lead climate negotiators from New Zealand and the Philippines can fit into their already cash-filled pockets / photo: UKYCC
Robin Hood, pitching his idea to climate negotiators / photo: UKYCC (click to see more)
Here’s an excerpt from the press release floating around the halls:
One outcome from the Copenhagen climate conference was a commitment to allocate US$30 billion by 2012 (fast–start finance) and US$100 billion a year by 2020 to help vulnerable countries pursue low carbon development and adapt to climate change impacts.
Much of the financing to meet these commitments will continue to come from government budgets in the foreseeable future, but this source will not be sufficient. One innovative source of finance to help fulfill, and even exceed this commitment is the Financial Transaction Tax (FTT). The FTT is scalable, predictable and can curb dangerous financial speculation. Many labour, health, development, environmental, economic experts and global leaders believe that FTT revenues could help reduce the deficit and create jobs at home and support climate resilience and improved health for vulnerable countries.
No lesser body than the International Monetary Fund (IMF) has confirmed that FTTs are feasible, can generate substantial revenues and would not need any new institutions. They also point out that most G20 countries have already implemented some form of transaction tax, and provide suggesting for how to make them more effective.