Fossil fuel producers must pay for climate resilience
We need a Global Carbon Levy to Mitigate Disasters, Accelerate Adaptation, Spur Sustainable Investment and Support the Most Vulnerable
— Satya Brata Das leads the Center of Excellence on Human-Centered Global Econbomy at The Digital Economist
Despite all the clarion calls to meet the climate emergency, fossil fuel production continues to surge, as does demand.
This is the stark reality facing our planet, even as nations embark on a patchwork effort to limit planetary warming to 1.5 degrees Celsius above pre-industrial levels.
The Covid-19 pandemic, and its brakes on the global economy, brought only temporary respite in our species’ appetite for fossil fuels. In its report Oil 2021, the International Energy Agency forecasts growing oil consumption following a brief slump induced by the global pandemic.
The Ukraine war has driven oil demand even beyond the demand projected by the EIA.
Last fall, just before the Glasgow meeting of the united Nations Framework Convention on Climate Change (UNFCCC), my colleagues at The Digital Economist joined me in calling for a global carbon levy to fund inclusive climate resilience.
