Gordon Brown, Former UK PM, Proposes Climate Tax for Wealthiest Oil Nations
DUBAI – Ahead of the anticipated COP28 conference in Dubai this coming November, former British Prime Minister Gordon Brown has made a compelling proposal. He urges major oil-rich countries, such as Saudi Arabia, UAE, Qatar, and Norway, to contribute to a global tax. This tax would be directed towards supporting underprivileged nations grappling with the adverse effects of climate change.
The past year saw a remarkable financial windfall for these nations due to the soaring oil prices, which Brown likened to a “jackpot gain”. He believes that a tax, amounting to approximately $25bn (£20.4bn), could be instrumental in setting up a specialized climate fund to aid less affluent countries.
Antonio Guterres, the UN Secretary-General, while speaking at the Climate Ambition Summit in New York, shed light on the lackluster climate initiatives of global leaders. He emphasized the urgency for a “climate collaboration agreement”, pushing top carbon emitters to ramp up their mitigation strategies and support emerging economies.
Mr. Brown’s suggestion could provide a solution to potential impasses predicted for the COP28 conference. He underscored the remarkable profits garnered by oil nations in recent times. As per the International Energy Association (IEA) data, the global oil and gas revenue soared from an already impressive $1.5tn (£1.2tn) before the pandemic to a jaw-dropping $4tn (£3.3tn) recently.
Drawing a comparison, Brown juxtaposed the massive $4tn revenue against global aid, noting that it’s “equivalent to 20 times the world’s entire aid budget”. This amount also eclipses the UK’s entire GDP. He criticized the unearned windfall, stating it signified an unprecedented shift of wealth from the world’s poorer to richer nations.
Further, Brown highlighted the devastating repercussions of escalating oil and gas costs on global poverty indices. A recent scientific report suggests that the surge in fuel prices could potentially push another 141 million people into acute poverty.
Brown’s financial strategy involves requesting the premier oil-exporting nations to designate 3% of their overseas earnings for the proposed climate tax. Based on 2022’s data, this would accumulate to about $25bn (£20.4bn). Brown asserted, “Such a contribution is the bare minimum they can offer.”
In his distinguished positions with the UN and WHO, Gordon Brown spotlighted the transformative effects of such a fiscal initiative. “Offering nations in crisis what recent summits lacked: a ray of hope,” he commented.
As preparations for COP28 are underway, Brown’s innovative proposal has sparked international conversations, focusing on wealth distribution, shared responsibilities, and united efforts to combat the intricate issues of climate change.
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