World leaders debate global carbon tax at World Economic Forum
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World leaders heard a call for a global carbon tax as a solution to climate change during a panel discussion at the World Economic Forum in Switzerland this week – a proposal that elicited a response from Saudi Arabia’s finance minister.
The WEF attendees’ discussion of a carbon tax came up during a panel on the global economic outlook on Friday in the Swiss alpine resort town of Davos, which hosts the annual conference of political leaders and business titans from around the world. Singapore President Tharman Shanmugaratnam made the suggestion as fellow panelists Ngozi Okonjo-Iweala, general director of the World Trade Organization, and Christine Lagarde, president of the European Central Bank, listened.
«There is no realistic solution to the climate transition that does not involve a globally coordinated system of carbon taxes,» said Shanmugaratnam.
«There’s a perception that it’s unjust, it’s unfair, it will lead to inflation,» Shanmugaratnam said. «In fact, quite the contrary. If we don’t do this, the countries that will suffer most ultimately are the developing countries. They’re going to be the worst affected by climate change.»
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The Global Economic Outlook panel session on the closing day of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 19, 2024. (Hollie Adams/Bloomberg via / Getty Images)
«What we need is a system of carbon taxes coupled with subsidies for vulnerable households and a stream of funding for the developing world to allow them to engage in investments and mitigation and adaptation
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