15:57 - 20.11.2024

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November 20, Fineko/abc.az. Global Solidarity Levies Task Force (GSLT), led by France, Barbados and Kenya, has unveiled a plan to raise a trillion dollars annually through new taxes.

ABC.AZ reports that the money will go to help poor countries in the fight against global warming.

The closest to implementation is the tax on sea transportation. At a rate of $150-300 per ton of CO2, it will bring in $127 billion per year by 2027.

The aviation sector can generate up to $164 billion through kerosene fees, private jets and premium class tickets. 29 countries have already introduced similar measures.

A tax on the extraction of fossil fuels of $5 per ton will bring in $216 billion. And a 50% tax on excess profits of the 14 largest oil and gas companies is another $173 billion.

Other proposals include a tax on financial transactions ($419 billion), a 2% global tax on the fortunes of billionaires ($250 billion), fees on cryptocurrencies (up to $323 billion) and plastic production ($35 billion).

Interestingly, most of these taxes already exist in different countries - but their rates are much lower than the proposed ones. It seems that the world is preparing for a radical increase in the fiscal burden on the "dirty" industries.