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UNEA: Day 3, carbon, what carbon?

In this morning’s session, the United Nations Environment Assembly (UNEA) still had not reached a final agreement concerning the way of financing the GF without burdening losses through a carbon system. They argued that the cap of emissions could be gradually lowered each year, so that companies could act in a more socially responsible way.

Through this resolution, which is yet to be finished, firms could either decide be committed with the environment and promote green economy, or adopt a more capitalistic and materialistic approach with no other objective than making a profit.

Therefore, non-virtuous companies would have to pay ordinary taxes according to the local fiscal rules. On the other hand, virtuous companies would also have to pay their ordinary taxes, but at least 5% of them would be devolved to GF for the purchase of Green Bonds.

GFG

 

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