COP29, developing country finance, and the Tobin tax

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Well, COP29 is underway in Baku and the focus is on finance.  It has been widely reported that the conference aims to secure at least $1.3 trillion in annual climate finance for developing countries by 2035.  These funds are required by poorer countries for adaptation and disaster mitigation as well as to accelerate the adoption of green energy technology.  

Reuters unemotively describes the state of play:

“Any deal is likely to be hard fought given a reluctance among many Western governments – on the hook to contribute since the Paris Agreement in 2015 – to give more unless countries including China agree to join them.  The likely withdrawal of the United States from any future funding deal by incoming President Donald Trump has also overshadowed talks, raising pressure on delegates to find other ways to secure the needed funds.”

You can say that again!

It’s true that $1.3 trillion sounds like a lot of money, but it has also been suggested that the world will be home to at least 10 individual trillionaires by 2035.  They could pledge to give away 99.9% of their projected 2035 wealth and still ensure that their great-great-great grandchildren won’t have to work a day in their lives.  If we get 10% from each of them the target will be met.