While windfall tax proposals stand no chance in the current U.S. Congress with Republicans controlling the House, across the Atlantic, the ideas have taken off faster
, last year’s United Nations climate conference, that taxes on fossil fuels could be paired with taxes on aviation and shipping to raise revenue. “We should work with the United Nations Secretary General to dig into solutions for innovative sources of finance, including levies on aviation, shipping, and fossil fuels,” he told his counterparts at the conference.
It’s not just politics that suggest the longevity of these new conversations at the intersection of climate and taxation. Sooner or later governments will likely need to generate more revenue to fund energy transition efforts. The International Energy Agency suggests that energy transition will require $4 trillion in annual investment in clean energy by 2030.
One obvious venue for those discussions to take place is amid the ongoing global discussions about a minimum corporate tax. The report argues that those talks can consider how to use taxation to finance developing countries’ climate needs. “The deal was about a 15% multinational tax rate,” says Chancel.
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