Daily Management Review

African countries propose global climate tax to protect poor nations


President of Kenya William Ruto claims that African nations have proven their ability to work together and dispelled any doubts over the fact that "the future of humanity lies in Africa."

African nations have demanded a global tax to aid the world's poorest nations, notably African nations, deal with the effects of climate change, as states the African Climate Summit's Nairobi Declaration.

The Nairobi Declaration suggests a worldwide tax to pay for initiatives aimed at preserving the planet's climate. Although it is not yet clear what the African nations want to charge, they have already identified a potential financing source on the fringes of the summit: transaction fees from the world financial system.

The declaration also calls for the inclusion of emerging nations in the reform of the global financial system. It is suggested that preferential lending be introduced for African nations, including through the International Monetary Fund, in order to address the issue of public debt in certain of the continent's nations.

source: reuters.com