By Dr. Oulie Keita, Executive Director of Greenpeace Africa
We are at a crucial turning point in the climate emergency, where the demand for decisive climate action is more urgent than ever. The stark realities of climate change are affecting communities across the globe, but it is the most marginalized populations—those who have contributed the least to this crisis—who bear the brunt of its effects. Given this context, the New Collective Quantified Goal (NCQG) must serve as a catalyst for transformation, underscoring the pressing need for a significant rise in international public climate finance.
At the core of this transition is the polluter pays principle, a just framework for climate finance that ensures those who contribute most to greenhouse gas emissions—the leading polluters in industry and high-emission sectors—should shoulder their fair share of the expenses related to climate adaptation, mitigation, and addressing loss and damage. By enforcing contributions from the highest emitters, including nations, corporations, and individuals, we can unlock significant funding to advance global climate efforts.
One innovative proposal is the establishment of a Climate Damages Tax (CDT) on fossil fuel extraction. This groundbreaking approach has the potential to generate billions for climate initiatives, with projections indicating that if implemented by OECD countries, a CDT could produce $900 billion by 2030. This financial influx would be vital for supporting climate initiatives in developing nations—regions that are in dire need of resources to build resilience and adapt to climate impacts. Additionally, it could promote the transition to sustainable energy systems in the countries where the tax is enforced.
In the face of unprecedented profits in the fossil fuel industry, coupled with rising emissions and the tangible toll of climate-induced extreme weather, the moral, economic, and environmental justification for enforcing the polluter pays principle has never been stronger. Implementing a Carbon Damages Tax (CDT) is crucial not only for equity but also as a practical means to secure the funding necessary for comprehensive climate initiatives. To meet these vital objectives, the negotiations for the New Collective Quantified Goal(NCQG) must clearly adopt and implement the polluter pays principle. This necessitates a unified commitment from all parties to create fairly designed domestic taxes on high-emission sectors and to promote strong frameworks for international cooperation and dialogue. Such initiatives will ensure that the financial consequences of climate change do not unduly burden those who are least able to cope.
The NCQG must signify a pivotal moment—a strong statement that we are ready to hold accountable those who have profited the most from pollution. By way of the polluter pays principle, polluters will be put to the alarm that they will have to pay for the harms they have caused our communities, ecosystems and climate. Our future cannot be built on lost livelihoods, displacements and lives. Those who cause these losses and damages will have to be held accountable. Establishing a polluter pays principle within the new climate finance framework at COP 29 will help restore hope and trust in multilateralism. As we push for this fundamental change, Greenpeace Africa remains dedicated to advocating for fair climate finance solutions that emphasize justice, equity, and beneficial results for everyone.
Now is the time to take action. By adopting the polluter pays principle, we can initiate a new phase of climate responsibility and collaboration, ensuring that developing countries receive the necessary support to flourish in an evolving world. Let’s take advantage of this opportunity to establish a future based on fairness and sustainability for future generations.
