Bishops call polluters to pay for new climate finance agreement at COP29

Photo by Johannes Plenio on Unsplash

Source: CAFOD

Fossil fuel companies should be taxed more to provide funds for countries on the frontline of the climate crisis, Anglican and Catholic bishops have told ministers.

In a letter to the government, the Rt Rev Graham Usher for the Church of England and Rt Rev John Arnold for the Catholic Church in England and Wales called for higher taxes on major polluters. The pair are lead bishops for environmental affairs in their respective churches.

The letter comes ahead of the start of the COP29 climate talks in Azerbaijan next week. Proposals to tax large polluters are expected to be included in negotiations at the summit on how to fill gaps in funding for developing countries hardest hit by the climate emergency - known as 'international climate finance'.

Poorest communities 'paying impossible price' for climate crisis

Bishops Usher and Arnold argue in the letter that the funding gap means climate-vulnerable countries are "being forced to pay an impossible price for measures to protect their communities and rebuild from climate disasters".

"The fact that those who have contributed least to causing the climate crisis, face an unaffordable bill for its impacts is an injustice we cannot tolerate as a country.

"We urge you to ensure your government plays the strongest possible role in remedying this injustice."

Tax those 'profiting from environmental damage'

Taxing polluting activities undertaken by the wealthiest companies and individuals would raise funds from those who are "profiting from environmental damage" and "help to incentivise the transition to renewables", the bishops state.

The bishops also warn ministers that leaders at COP29 must agree to provide more climate finance as grants, arguing that loans will only "add to low-income countries' existing and crippling debts".

Providing further sources of finance by cancelling debts for countries facing a debt crisis would prevent such countries facing a "choice between paying huge interest bills to overseas lenders and paying to protect their communities from the climate crisis", the bishops argue.

COP29 will start in Baku, Azerbaijan today, 11 November, and is due to finish on 22 November.

For background and information, see: CAFOD's latest report on Climate Finance solutions (May 2024)