Meeting on the sidelines of the International Monetary Fund-World Bank Spring Meetings on Wednesday, a small group of countries discussed how to design a set of levies on fossil fuel producers, aviation, maritime shipping, and financial transitions to unlock much-needed climate and development cash.
Launched at the 28th United Nations Climate Change Conference in Dubai last year and co-chaired by Barbados, France, and Kenya, the international tax task force has committed to assessing the impact of different levies and their political and technical feasibility.
The group is due to present its initial findings at COP 29 in Azerbaijan in November and hopes to rally a coalition of the willing around a set of feasible options for climate taxes at the COP 30 talks in Brazil in 2025.