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New taxes needed for a climate fund: UN panel

British economist Nicholas Stern says a UN economic panel is discussing carbon taxes, add-ons to international air fares and a levy on cross-border money transfers as ways to raise USD 100 billion a year.



Bonn: British economist Nicholas Stern
says a UN economic panel is discussing carbon taxes, add-ons
to international air fares and a levy on cross-border money
transfers as ways to raise USD 100 billion a year to fight
climate change.

Stern has told international climate negotiators
that governments will need to create incentives for private
investments in industries emitting few greenhouse gases.

The Copenhagen climate summit in December
determined that USD 100 billion is needed every year starting
in 2020 to help poor countries adapt to climate change and
reduce carbon emissions.

Stern hopes that will lead to a new industrial
revolution.

He told a UN climate conference today a final
report analysing new revenue sources should be ready by
October.

-PTI

From Zee News

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