UN Summit to hear call for rich nations to pay ‘climate damage’ reparations

BREITBART – Officials at the United Nations COP25 climate change conference in Madrid next week must consider implementing taxes on developed countries to transfer wealth to nations dealing with “the cost of drought, floods and superstorms made worse by rising temperatures,” more than 150 environmental groups said Friday.

The financial impositions being considered include U.N.-administered taxes on financial transactions, international air travel and fossil fuels.

In an open letter to the president of the COP 25 talks, Chile’s environment minister Carolina Schmidt, the organisations urged agreement on “the creation of a comprehensive financing facility, including debt relief, for developing countries experiencing such disasters.”

The U.N.-sponsored Madrid conference is set to be dominated by discussions on so-called “loss and damage” funding, with a sharp divide between developing nations and richer polluters over how finance should be structured.

Green groups this week claimed the increased pace and intensity of climate disasters, such as the twin cyclones that devastated parts of Mozambique this year, means that funding needs boosting to keep track. READ MORE

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