Mobilising substantial new resources is essential to address the climate crisis, particularly for low-income developing countries disproportionately affected by its impacts. Financial Transactions Taxes (FTTs) on equity trading, already implemented in several countries and generating around $17 billion annually, represents an underutilised revenue stream. Drawing on FTTs that already exist, such as in France, the paper shows that an additional $87 billion per year could be raised. This could significantly contribute to climate action, especially for Loss and Damage, which requires grants-based finance.
The report was written by renowned experts in the field of FTTs, Gunther Capelle-Blancard and Avinash Persaud, on behalf of the Global Solidarity Levies Task Force (GSLTF), an initiative launched at COP28 and led by France, Kenya and Barbados.
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