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European Leaders Remain Committed to Financial Transaction Tax, Could Raise Billions for Climate Action
PARIS, Dec. 8, 2015 – A coalition of ten European countries moved forward with a proposal to implement a tiny tax on financial transactions at today’s Economic and Financial Affairs Council (ECOFIN) meeting in Brussels. European finance ministers took note of the proposal, tabled by the Austrian delegation, and asked for further work to be done to iron out details. Institute for Policy Studies’ climate policy program director Janet Redman, in Paris for the UN climate summit, had the following reaction:
“A financial transaction tax would help make our global economy more stable and raise billions of dollars each year for public goods like climate adaptation and a clean energy transition. It’s part of a menu of innovative ways to raise the money that developed countries promised to deliver to communities on the front line of the climate crisis. We’re encouraged that leaders from the majority of the biggest economies in Europe are decisive that a broad-based FTT that could help curb reckless speculation in derivatives will go forward.
It’s unfortunate that some countries that would benefit from a more responsible financial sector and money for shrinking social services – like the UK – are fighting the proposal tooth and nail. However, we’re hopeful that the introduction of an FTT in the near future by the coalition of forward-thinking governments will put pressure on other European nations and our own government in the U.S.”
Contacts:
In Paris Janet Redman, +33 638 44 1818, janet@ips-dc.org
Experts from the Institute for Policy Studies available for interview from the Paris negotiations from November 30th through December 12th.
For more information about our work on climate change, please visit: www.ips-dc.org/climate
The Institute for Policy Studies has been linking peace, justice, and the environment in the U.S. and globally for more than 50 years.