WWF calls on G20 finance leaders to fund climate action

by Search Gate staff. Published Wed 12 Oct 2011 12:43
G20 nations to discuss financing plans to tackle carbon

Campaign group WWF has called on the Ministers of Finance from the G20 countries, meeting in Paris this week, to take seriously the critical role that innovative sources of finance can play in addressing the global crisis and its possible remedies.

According to the WWF, the current economic crisis is not limited to failing stock markets but also about millions of unemployed people unable to find another job, and countless more lacking access to food, water and energy, a situation that is being severely aggravated by climate change.

And the organisation says the devastating famine in the Horn of Africa shows that the poorest people are also the most vulnerable to the current and future impacts of extreme weather events.

Innovative solutions do exist, it argues, and these solutions address the twin crises of economy and environment. They also generate much needed public revenue that could fund the transition towards low-carbon and climate resilient economies.

“The G20 needs to send a strong political signal paving the way towards a successful outcome on climate finance at the UNFCCC COP in Durban,” said WWF Global Climate and Energy policy leader Tasneem Essop.

“There is now a window of opportunity to make significant progress, especially in the international shipping sector.”

G20 countries are currently discussing two innovative sources of finance, supported by the World Bank, the IMF, and the EU Commission. The first is a tax on financial transactions, a global Financial Transaction Tax (FTT). The second is a global levy or a market mechanism on carbon emissions from shipping and aviation.

“Deep crises facing the global economy and environment require new and innovative solutions”, said WWF G20 policy campaign leader Elise Buckle. “Solutions exist, but the leadership has been lacking. G20 leaders now have the opportunity to make a difference by agreeing on Financial Transaction Taxes and on the regulation of aviation and maritime bunker fuels.”

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