The European Union is proposing a “climate war chest” to help collect and distribute the billions of dollars undeveloped countries will be paid to curb their greenhouse gas (GHG) emissions.
This new funding scheme is thought of as independent from the existing “Adaptation Fund”: the latter aims to reduce the impact of climate change on crops and water sources, according to an European Commission draft report.
The EU hopes to achieve an agreement by October on financial support for developing countries in order to increase the chance of success at international climate talks in December in Copenhagen.
British Prime Minister Gordon Brown said in the article that $100 billion will be needed annually by poor nations by 2020, but some environmentalists peg the figure near $140 billion.
How to collect the money necessary to fuel the “climate war chest”? With more taxes, of course: the EU has suggested this money could be supplemented by taxing fuel for ships and aviation. It can be easily predicted the new financial burden would then be passed on to travelers. In the last stance, it would be families to pay for this initiative, sold as a means of solidarity with poorer nations, yet another way to take money out of the families’ wallets.
The report also notes that an international registry would verify that emissions cuts that are paid for are being carried out, but if the verification system was ineffective the EU might create its own independent fund.