FTT advances could lead to down payment on climate finance gap
WASHINGTON, D.C. – In response to today’s announcement by European Finance Ministers that advances the proposed European regional Financial Transaction Tax, Friends of the Earth’s Senior International Policy Analyst Karen Orenstein said the following:
Ten major European countries made progress today in advancing a regional financial transaction tax, popularly known as a Robin Hood Tax. The timing – during the Paris Climate Summit – couldn’t be better to remind world leaders that there is indeed a good deal of money available to pay for climate finance, if there is political will. The cost of climate chaos is growing by the day, and the financial transaction tax is an invaluable means by which to make a down payment on the climate price tag.
In addition to civil society around the world, the Climate Vulnerable Forum and French President Hollande have recently called for a portion of the new FTT revenue to help close the climate finance gap, and help the world’s poor take climate action.