The Washington, DC-based Institute for Policy Studies is touting a proposed financial transaction tax in Europe as a way to raise billions of dollars for climate finance and clean energy.
The “tiny tax on financial transactions,” as IPS describes it in a December 8 release, received approval from a group of 10 major European countries at a meeting of the Economic and Financial Affairs Council (ECOFIN) in Brussels.
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“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,” said Climate Policy Program Director Janet Redman. “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.” She added that a “broad-based FTT” could also help curb “reckless speculation” in key financial markets.