Global Tax Proposal by African Leaders to Combat Climate Change

African leaders have called for new global taxes and reforms to international financial institutions to fund climate change action. The Nairobi Declaration, which concluded the Africa Climate Summit, emphasized the need for major polluters and global financial institutions to contribute more resources to help poorer nations and make borrowing at affordable rates easier. The declaration proposed a global carbon taxation regime, including a carbon tax on fossil fuel trade, maritime transport, and aviation, as well as a global financial transaction tax. African countries will take these proposals to the upcoming U.N. climate conference and the COP28 summit in November.