In partnership with UNEP

France Backs Financial Transaction Tax

16 March 2010 | Luca Del Buono | Finance & The Green Economy, Europe

 France Backs Financial Transaction Tax

On Thursday, President Nicolas Sarkozy shared France will try to get a tax instigated by the Group of 20 countries.

This tax would apply to monetary transactions, which in turn would acquire billions of dollars to counteract climate change in developing countries. Sarkozy demonstrated his desire to fight climate change further at a forest conference at which he made reference to the Copenhagen conference in an urge to make the point that it is time for action.

In one statement, Sarkozy noted the poor would be the ones to pay for climate change caused by the rich. The people who have money simply do not want to spend it, which leaves those without money in trouble.

In order to produce the money that was agreed to at the Copenhagen climate conference ($100 billion by 2020), Sarkozy said he would try to get the tax on monetary transactions to come into effect next year when France becomes head of the G20.

Sarkozy felt that resourcefulness would be the only way to see to it that the $100 billion commitment would be fulfilled. This commitment was made last December and over 100 countries backed it.

Those who agreed to the Copenhagen Accord also hope to stop global warming from increasing above two degrees Celsius and provide developing countries with approximately $30 billion around the years 2010-2012.

Sarkozy mentioned that it would be difficult to achieve these aims while countries oppose each other. He felt that it would be hard when some countries within G20 are ready to work towards change while others are hesitant and non-responsive.

Sarkozy stated that other places support France, such as Africa, Latin America, and certain sections in Asia. He also shared that it is not just wealthier countries that are failing to create action.

Sarkozy mentioned that the Group of Five rising countries: Mexico, China, Brazil, India, and South Africa all maintain certain divisions. These contradicting attitudes regarding change make progress difficult. In order to move forward, each member of G20 will have to cooperate in order to achieve their goals.

 

Author: Katie Graziano| Climate Action

Image Provide by: Guillaime Paumier | Flickr

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