EU proposes global climate tax on oil and gas sector

Teresa Ribera justified this project because “we need innovative climate finance mechanisms”

The European Union wants to introduce at the COP28 climate summit the idea of the hydrocarbon sector making a “financial contribution” to development, as the seed of a possible global tax for companies in the sector to help vulnerable countries adapt to climate change.

This is reflected, albeit with some ambiguity, in the EU’s negotiating mandate for the United Nations climate conference to be held in Dubai from 30 November, approved on Monday by the environment ministers of the 27 member states.

The official text, which is not yet public but has been consulted by EFE, encourages “identifying new and innovative sources of financing, including the fossil fuel sector, in order to help the most vulnerable countries mitigate and build resilience against climate change”. “Yes, it is a very open first approach where we want to highlight that we need innovative climate finance mechanisms and where the actors cannot be only public actors,” responded the acting Spanish Minister for Ecological Transition, Teresa Ribera.

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