African Climate Summit adopts ‘Nairobi declaration’ calling for global tax on fossil fuels
- African leaders propose new global taxes and reforms to international financial institutions to fund climate change action. The Nairobi Declaration calls for a global carbon tax on fossil fuels, aviation, and maritime transport, as well as increased financing and easier borrowing for poorer nations.
- Africa receives only 12% of the $300 billion in annual financing it needs to cope with climate change. The declaration highlights the need for major polluters and global financial institutions to commit more resources. It also emphasizes systemic changes to address issues such as high borrowing costs for African countries.
- The summit aims to reframe Africa as a solution to climate change, highlighting its clean energy minerals and renewable energy sources. However, some activists criticize carbon markets as "bogus solutions" and urge richer countries to reduce their own emissions rather than relying on offsets in Africa.
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