Yesterday I spoke at a press event on the financial transaction tax, an innovitive way to provide funds for developing countries, this is what I said:
UK Youth Climate Coalition is a youth-led organisation united for a cleaner, fairer future. We strongly support the Financial Transaction Tax.
As a group organised by and for young people we often focus on intergenerational justice but we are equally passionate about climate justice for today’s generations. And we believe that justice lies at the heart of the FTT. If the revenues of this tax were used for a green climate fund this would provide for those who are the most at risk from climate change, from the pockets of those who are most culpable and most able to pay. And the beauty of this tax is the growing consensus that it is small enough not to deter investment and would produce no adverse effects on the economy.
Those who will pay are those who have helped to create an economic climate which is prone to crises. This irresponsible behaviour has left young people facing an uncertain economic future and arguably has contributed to the diminished planet which we are inheriting. In the past year we have seen young people across the world rising up against the inequity of our global financial system. From protests against ballooning tuition fees to mobilisation against repressive economic and social regimes people no longer see the justice in paying for the mistakes of the privileged minority. We believe that the FTT provides a unique opportunity to help to stabilise financial markets and put a stop to economic risk-taking.
This levy has the potential to raise billions. Billions which could then be used for a multitude of greater public goods. For example it could be used to buffer the effects of domestic cuts, for global health projects and for climate adaptation and mitigation through the green climate fund. We feel that this is particularly relevant given that the global economic crisis has reduced governments’ ability and willingness to provide sufficient climate finance. We are also particularly concerned that governments may choose to meet their promises through reallocation of development aid. For this reason new and innovative strategies must be pursued.
As negotiators continue to debate climate finance and governments fail to fulfil their responsibilities, there are people for whom delay will prove deadly. The UK Youth Climate Coalition, echoing the response of young people around the globe, calls for a fair, just and rapid source of funding. We believe that the FTT will yield an amount insignificant to the rich, whilst providing a hugely significant amount to those who are suffering the consequences of their mistakes.
To young people, and many enlightened adults, as we see here today, a world in which there are billionaires living alongside people whose basic needs are not met makes absolutely no sense. And it is those who live in poverty who are facing the worst and most urgent consequences of climate change. This is the crux of the injustice. We believe that the FTT would be one small step on the way to remedying this situation and providing a truly progressive form of climate finance. Above all it is a matter of responsibility; we think that 0.05% is a small price to pay.
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