The green agenda cannot happen on a large scale without carbon taxes imposed at a global level, according to Saudi Finance Minister Mohammed Al-Jadaan.
During a panel discussion at the World Economic Forum’s annual summit in Davos on Friday, Al-Jadaan argued that carbon taxes are the only way to raise the revenue needed to achieve the UN’s sustainable development goals.
“There is no realistic solution to the climate transition that does not involve a globally coordinated system of carbon taxes,” he said.
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Al-Jadaan rejected critics who argue that global carbon taxes are unfair and inflationary, arguing that “vulnerable communities” will suffer the most from “climate change” if they are not implemented.
“There is a perception that it is unjust, that it is unfair and will lead to inflation. On the contrary. If we don’t do this, the countries that will ultimately suffer most will be the developing countries. They will be the hardest hit by climate change,” he said.
Al-Jadaan then urged that taxpayers in developed countries subsidize the financing of Third World countries so that they can pursue their own climate goals.
“What we need is a system of carbon taxes, linked to subsidies for developing countries and a financing stream for developing countries. to enable them to participate in investments, mitigations and adaptations that will help them continue to grow. And that is a real opportunity,” he explained.
“It is a fair solution and the only realistic solution, and we cannot continue to avoid it,” he added.
Joe Biden does concerned the US must adhere to UN climate goals to reduce CO2 emissions by at least 50% by 2030.
Congress also took a step toward enacting an “inflationary” carbon tax this week, after a Senate committee voted in favor of a proposed study aimed at calculating carbon emissions from a range of products that are made in the US and elsewhere.
“On January 18th the Senate The Environment and Public Works Committee has voted to send a bill to the full Senate that would require the federal government to conduct a study calculating carbon emissions from a wide range of different products made in America and other countries . These include building materials, plastics and fertilizers – all vital for small businesses and those that drive the economy,” the Daily Signal said. reported Friday.
Watch the full panel discussion:
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