UN Environment Talks: Financial Transactions Tax Needed to Fund Climate Action

Trade unions and civil society allies are calling on this week’s UN climate meeting in Bonn to endorse a financial transactions tax to help meet the cost of action against climate change.

“A financial transactions tax would secure vital funding for job creation and global programmes to tackle climate change and world poverty. Governments promised to mobilise climate financing at the Copenhagen Summit, and this is a surefire way of helping to meet the targets they set. Such a tax would also dampen unproductive speculation and help governments strengthen public finances,” said ITUC General Secretary Sharan Burrow.

The trade union call for the tax, supported by a wide range of economists, along with development, environmental and health groups, has been gaining political momentum. The ITUC is pressing the case at all the key global institutions including the G20 G20 The Group of Twenty, or G20, is a forum for international cooperation on the most important aspects of the international economic and financial agenda. It brings together 19 countries and the European Union, which together represent around 90% of global GDP, 80% of global trade and two thirds of the world’s population. , IMF, World Bank and the negotiations on the Durban climate summit this December and next year’s RIO+20 Rio+20 Rio+20 was a UN conference of the highest possible level, including the heads of state and government or other high-level representatives. It was coordinated by UN Department of Social and Economic Affairs (DESA). Rio+20 was a follow up of two important events: the 1992 United Nations Conference on Environment and Development (UNCED), in Rio de Janeiro, and the 2002 World Summit on Sustainable Development (WSSD) in Johannesburg. The conference took place 20 to 22 June 2012 and was accompanied by a number of side events (People’s Summit, Dialogue Days, Trade Union Assembly on Labour and Environment, etc.). One of the outputs of Rio+20 was the Sustainable Development Goals. Summit in Brazil.

A briefing on the issue at this week’s Bonn meeting, a mid-year discussion of the UN Framework Convention on Climate Change (UNFCC), will be webcast on 14 June at 14.00 local time (12.00 UTC/GMT) here