If all OECD countries and China would implement a CO2 tax on meat, 147 billion USD/year is available. If China would do the same, another 58 billion USD/year would become available. If the EU-27 and the USA would implement a meat tax of only 10 dollar cent per 100 gram of meat, this could lead to 70 billion USD/year in additional tax revenues, available for climate finance or payments for loss and damage. Using meat taxes for climate finance has a double dividend because such taxes in itself will reduce GHG-emissions and deforestation as people will consume less meat when meat taxes will be implemented. Table: revenues from meat taxes in world regions available for climate finance A 10 percent tax could result in 5,9 billion USD/yr.Īnother option for climate finance is a tax on meat products in OECD and other countries. The largest oil companies reported a profit of 59 billion USD. They asked for a 10 percent tax on profits of oil companies to fund loss and damage. ![]() This call to action for a global carbon tax on these profits of oil companies was also mentioned by the 39-nation Alliance of Small Island States, as a source of funding for loss and damage, many of whose very existence is threatened by rising sea levels and increasingly intense tropical storms. António Guterres asked governments to tax the profits of fossil fuel companies and redirect the money to countries suffering loss and damage caused by the climate crisis. UN Secretary General Guterres said: “adaptation needs are set to grow to more than $300 billion dollars a year by 2030”. This gives hope the topic is still on the agenda. Pakistan for instance, asked 40 billion USD to repair for floods this year inundating one third of the country. Saturday 12th November 2020, John Kerry, US Special Envoy for Climate Action, told a press conference that his country is “totally supportive” of the push to address loss and damage, the thorniest issue so far in the COP27 negotiations". On top of this climate finance gap there is the need for payments for loss and damage, estimated to be 116 billion USD/year. But according to Oxfam Novib the finance gap still is at least 50 billion USD/year because only 24 billion USD/year was ‘true’ additional finance. Climate finance was promised by rich countries for mitigation and adaptation in low income countries, but until now only 83 billion USD was committed, leaving a gap of 17 billion USD/year. Last Monday a letter was sent to Frans Timmermans, Vice chair of the EU Commission, the Chinese and American Climate Envoys John Kerry and Xie Zhenhua and OECD environmental ministers to show them this remarkable option for climate finance.Ĭlimate finance of 100 billion USD per year and loss and damage is a hot item during the COP27 in Egypt right now. This will also reduce national GHG-emissions in these countries by approximately 1 percent (0,3 Gton CO2eq) and reduce their health care costs and non communicable diseases linked to meat overconsumption like stroke, diabetes 2 and coronal cancer. OECD countries and China can close the climate finance gap with nearly 50 billion USD/year and finance a fund for loss and damage with 100 billion USD/year, if they tax meat with only 1 USD or Euro per kg, said Jeroom Remmers, director of TAPP Coalition, an alliance of food companies and NGO’s with a mission to pay ‘true prices’ for meat and dairy, including GHG-emission costs. Increasing sales or VAT taxes on meat is another option, or starting consumer taxes on meat in OECD countries and China. This can be done by increasing meat import or meat export taxes. Another option could be to tax food products with high carbon footprints like meat and dairy. Last Friday, the EU Commission Vice Chair Frans Timmermans proposed a funding mechanism for a Loss & Damage fund, with a mix of options including global taxation of aviation and cruise travels. ![]() Loss and damage was the most important item at COP27 according to many countries and ngo's. Published on 14-11-2022 Meat taxes in OECD + China bring in 147 billion USD/year for climate finance and loss and damage payments
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