Massive Climate Tax –Most Important Climate News 4/29/24
The Climate Damages Tax report claims that new taxes on fossil fuel companies could raise $720 billion by 2030. The tax would be levied on oil firms based in the OECD nations. What will happen to the money? “… it will generate a significant domestic dividend that can be channelled to climate action nationally, helping to pay for the necessary support for workers and communities to transition away from fossil fuels, towards green energy and transport.” The sum would be based on “how much CO2e is embedded within the fossil fuel produced by these corporations.” Climatecrisis247 believes that while good in theory, the plan is impossible to implement. It would require new laws in the advanced OECD nations. It would also need a plan to distribute the yield from the taxes, which is virtually impossible.
Energy Collapse –Texas In Trouble?
Most Dangerous State For Hurricanes –North Carolina?
Leaders of African nations want The World Bank to provide money to combat climate change in their countries. The money would go into the International Development Association (IDA) facility and be loaned at low rates. According to the Deccan Herald, Kenya’s President William Ruto said the fund would need at least $120 billion. He said, “deepening development and debt crisis that threatens our economic stability, and urgent climate emergencies that demand immediate and collective action for our planet’s survival.” Climatecrisis247 believes the problem with the process is that money must be collected from several rich nations. It has to be distributed to many poor ones. The rules needed to make this work and the necessary bureaucracy make the program very difficult to put together.
Homeowner Taxes Soar Due To Climate
As storms hit the Midwest in the last several days, the media posted stories about the cost of homeowners insurance across several states. The stories were about the same. In some states prone to flood, like Louisiana, home insurers have pulled out of the state. In other areas prone to storms, rates have increased by double digits in just one year. Climatecrisis247 believes that the moves by insurance companies will sharply depress real estate prices in areas prone to climate damage. This has already begun to happen to houses and condos along Florida’s coasts.
Malaria Spreads
Climate change has changed the places where mosquitoes can spread malaria. The FT reports that “This increase highlights the risk of a continued spread of malaria — cause of the world’s biggest infectious disease burden, estimated by the World Health Organization (WHO) at nearly 250mn infections and more than 600,000 deaths in 2022.” Climatecrisis247 believes that while the spread of this disease is nowhere near as wide as COVID-19, it has human and economic effects in many nations. Healthcare costs and prevention could be well beyond what poorer countries can carry.
