1/10.📜NEW BREIF: From @vallejolola, Matthieu Wemaëre, Michel Colombier of @IDDRI_ThinkTank gives a useful overview of the tax🏭🛢️💰and levy ✈️🚢 instruments under discussion that could contribute finance to address #LossAndDamage from #ClimateChange.

🔗iddri.org/en/publication… Image
2/10. The brief aims to inform both the members of the Transitional Committee of the #LossAndDamage Fund. 👇

🔗 More info: unfccc.int/topics/adaptat…

And the upcoming the Summit for a New Global Financial Pact in Paris.👇

🔗More info: focus2030.org/Summit-for-a-N…
3/10. The note reviews the potential, modalities, revenues, feasibility and implementation issues for:

🛢️ #FossilFuel extraction levy
✈️Air passenger/ticket levy
🚢International shipping GHG levy
🏭Tax on windfall #FossilFuel profits
📈Financial transaction tax
🤑wealth tax
4/10. Some key takeaways include:

1⃣A #FossilFuel 🛢️Extraction Levy could raise significant amounts of 💰. At $6 (USD) per ton of CO2 it could raise $150 billion per year.
5/10. 2⃣ Just within the EU🇪🇺, an air passenger levy ✈️could raise up to 6 billion € per year with a minimum fee rate of 10€ per ticket on international flights only.
6/10. 3⃣Revenues from a shipping GHG levy 🚢 set at $100/tCO2 could total between 1 and 2 trillion $ by decarbonisation, at over 60 - 80 billion $ per year.
7/10. 4⃣A regional example suggest what an international tax on #FossilFuel 🏭 windfall profits could raise: In 2022, 🇪🇸,🇬🇷,🇮🇹, 🇭🇺,🇷🇴,🇨🇿, & 🇧🇬, adopted a 60% windfall tax for energy 🏭, oil 🛢️, and mining companies ⛏️ & banks 🏦, which should raise 3.5 billion € in 2023.
8/10. 5⃣An 🇪🇺 EU-wide financial transaction tax 📈 (FTT) could raise almost 80 billion $ per year and the the FTT that was proposed by @TheDemocrats in 2020 could generate on average 77,7 billion $US per year in the U.S. 🇺🇸.
9/10. 6⃣A tax of up to 5% on the world’s multi-millionaires and billionaires 🤑,could raise 1.7 trillion $ a year.

Our conclusion: There are lots of sources of #LossAndDamage Finance, in addition to public funds, to get money flowing to the fronts lines of the #ClimateCrisis!
10/10. 📜Read the brief here: iddri.org/sites/default/…

🧵And read this useful thread from author @vallejolola, here:

✈️And see this related brief from @ICCCAD on International Climate Solidarity Levies here: icccad.net/news/loss-and-…

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More from @LossandDamage

Apr 27
1/10.📜NEW BREIF: From @CJRFund, highlights findings from their efforts to address #LossAndDamage and provides recommendations to inform the operationalisation of a fit-for-purpose #LossAndDamage Fund based on real-world efforts.

🔗Read it here: cjrfund.org/news/transitio… Image
2/10. Aimed at informing the work of the Transitional Committee (TC) of the #LossAndDamage Fund ahead of their first workshop (29-30th April) and second meeting #TC2 (24-27 May) the brief is also supported by @ACTAlliance, @UUSC, @Helvetas and Young Power in Social Action.
3/10. The @CJRFund has supported four #LossAndDamage projects – in Bangladesh 🇧🇩, Malawi 🇲🇼, and across the Pacific 🇫🇯🇰🇮 – though funding pledged by @NicolaSturgeon on behalf of the @scotgov at #COP26 in Glasgow.
Read 10 tweets
Apr 25
1/14.📜NEW PAPER: From @AndrewKingClim, @KimtaiJoy, @harrinluke & @ClimateGrose highlights why event attribution is not yet a good way to determine who will receive $$$'s from the #LossAndDamage Fund agreed at #COP27 — An alternative strategy is needed!

🔗nature.com/articles/s4155… Image
2/14. Key takeaways on why we cant use it include:

1⃣ Climate models primarily simulate processes in the atmosphere and ocean. They don’t directly simulate the #LossAndDamage caused by an extreme weather event such as how many people died due to a heatwave.
3/14. 2⃣ To simulate the effects of an extreme event, such as the loss of life or infrastructure, the exact extent to which weather components such as temperature and rainfall that caused #LossAndDamage need to be known. In some cases, this can be determined...
Read 14 tweets
Mar 16
1/13.⚡️USEFUL INFO⚡️: The @IPCC_CH is currently meeting at #IPCC58 to review and approve the #AR6 Synthesis Report and it's Summary for Policymakers, with released set for Monday the 20th of March.
More here: ipcc.ch/2023/03/13/ipc…

Why is this important for #LossAndDamage? 👇 IPCC Chair Hoesung Lee  | Photo by IISD/ENB
2/13. The #AR6 Synthesis Report and it's Summary for Policymakers will condense all of the scientific evidence from the reports of the @IPCC_CH working group's and all special reports published between 2018 and 2022.
3/13. For example the @IPCC_CH #AR6 Working Group II report made the following key points on #LossAndDamage very clear:

1⃣Human-induced #ClimateChange has already caused #LossAndDamage to both nature and people;
Read 13 tweets
Mar 15
1/9. 🌀Devastating tropical #CycloneFreddy, which has made landfall twice 🤯, has caused #LossAndDamage in #Madagascar🇲🇬, #Mozambique 🇲🇿 and #Maliwi 🇲🇼 including 220+ deaths, whilst breaking records as the longest lasting cyclone. Cyclone Freddy as it weakens over Mozambique following its s
2/9. In #Madagascar🇲🇬, at least 17 people have died due to #CycloneFreddy (7 from the first landfall on 21 February and 10 from the latest rains on 5 and 6 March), and nearly 299,000 people have affected.
3/9. In #Mozambique 🇲🇿, #CycloneFreddy has seen some provinces received as much rain in 24 hours as they would usually experience in one month. As a result 10 people have died and 14 have been injured, 1,900 houses have been damaged or destroyed.
Read 9 tweets
Feb 15
1/8. 🤯An eye-opening new tracker detailing the flight emissions✈️of the #SuperRich has been created by Akash Shendure a high school senior from Seattle in the U.S! But how do the emissions of the 1% relate to #LossAndDamage from the #ClimateCrisis?

🔗tinyurl.com/2p8pah9v
2/8. 📈Although there are many ways to measure responsibility for the #ClimateCrisis, no matter which way you do it's the richest countries🌐, people🎩 and polluting industries🏭 that come out on top. 👇
3/8. Between 1990 and 2015 the proportional #CO2 emission of the richest 1% of the world's population were 15%, whilst in the same period the richest 10% accounted for 52%.

🔗Source: lossanddamagecollaboration.org/publication/co…
Read 8 tweets
Feb 13
1/5.📰New article from @joeloyo of @ClimateHome News highlights that fewer than half the seats of the Transitional Committee of the #LossAndDamage Fund agreed at #COP27 have been filled with the potential to hold up work on releasing funds.

🔗Get it here: climatechangenews.com/2023/02/10/mis…
2/5. Although the deadline for negotiating blocs & Parties to nominate 24 committee members passed on the 15 December 2022, only ten members have been announced as of the of 31 January so we are waiting for 4 Developing and 10 Developed country Parties to make their nominations. Image
3/5. With the #COP27 decision indicating that the Transitional Committee should have its first meeting by 31 March and lots of organisational matters that need to be agreed before work can start, this delay leaves even less time for the committee to get it work done for #COP28.
Read 5 tweets

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