Climate crisis: How we can save debt countries with new taxes!

Climate crisis: How we can save debt countries with new taxes!

climate catastrophes drive countries into debt trap. But there is a way out!

The world is on the abyss! After the devastating hurricane Beryl, who swept through the Caribbean five months ago, Grenada was destroyed. In order to escape the financial burden, the country has activated a clause that allows it not to serve any debts for a few years. This measure provides urgently needed liquidity, which is provided on cheaper conditions than other financing instruments. But this relief is not free - the debt must be repaid at some point!

developing countries that suffer the most from the consequences of climate change pay over $ 100 billion annually for climate -related losses and damage. These countries hardly contribute to global warming, but are still faced with enormous debts. How can you demand international contributions from those who are responsible for climate change? Politically, this is a challenge, because voters tend to support politicians who speak against foreigners and for national interests.

a historical comparison

The idea of international taxes to finance losses and damage is often dismissed as unrealistic. But the story shows that quick action is possible! After the Torrey Canyon disaster in 1967, in which over 100 million liters of crude oil ran into the sea, the international community reacted quickly and created the International Maritime Organization’s Pollution Compensation Fund. Every buyer of bicycled oil pays in this fund that has been making compensation for more than 150 oil pollution since 1978.