Kofi Annan is the latest international figure to publicly back a Financial Transaction Tax. Writing as 20,000 stakeholders and negotiators from more than 200 countries meet in South Africa for the COP17 Climate Summit, the former UN Secretary General has called for a Robin Hood Tax on financial transactions to help developed countries meet their climate finance commitments.
Writing in Ugandan paper the Daily Monitor, Annan stresses that climate change is a current reality for smallholder farmers in African countries, with the worst yet to come.
Criticising ‘an abject failure of leadership’ to rise up to the challenges posed, he suggests a Financial Transaction Tax as one of the ‘innovative financing solutions’ which will ensure the $100bn promised at last year’s Climate Summit in Cancun is delivered. He adds that ‘the Green Climate Fund must receive sustained and predictable funding in the range of several tens of billions of dollars per year’.
Failure to do so will lead to ‘a terrible legacy for future generations’.