Thread by @LossandDamage

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…

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:

https://twitter.com/vallejolola/status/1650466182963556360

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