15/11/2022

FEPS delegation was present at COP27, with the strategic objectives of mobilizing climate finance for a global just transition

This year the conference of the parties was animated by a fear of back-sliding regarding the 1.5-degree target outlined in the Paris Agreement, and an increased presence of oil and gas lobbyists by over 25%. Meanwhile, it has been ascertained by a new Oxfam report that landmass five times the size of India would be required for reforestation to keep abreast of current climate targets.

Debates continued regarding payments of loss and damage to the developing world. 

In this context, the FEPS delegation’s mission was to facilitate global cooperation with partners, notably from India, on pushing for climate justice, whether it be intergenerational, intranational, or international

Maria João Rodrigues, FEPS President, was in Sharm El Sheikh together with Kevin Le Merle, FEPS Project Officer, Suranjali Tandon, Assistant Professor at National Institute of Public Finance and Policy of New Delhi, and Celine Charveriat, Former Executive Director at IEEP.

“We do not have the necessary climate strategy to face the problem”, she reminded the audience at FEPS side event. “There are three priorities that emerge from this discourse: establish a global budgetary policy; outline a global taxation solution; scrapping subsidies on fossil fuels and deepening discussions on global taxonomy to steer financing in the right direction”. 

While it is clear there is increased awareness of the catastrophic consequences of climate change, the question of how to tackle it is a thorny question on the global stage, proving the need for clear moral principles that can guide policy action and help the world move towards fairer redistribution. 

“Financial solidarity is necessary to reach climate justice”, concluded Maria João Rodrigues.

Read the debate from our Twitter thread and watch the full FEPS side event at COP27 here:

FEPS President Maria João Rodrigues’ video message from the COP27 venue at Sharm El Sheik for the Party of European Socialists (PES): “We need a much stronger response to the climate crisis, this includes financing action also with taxes from big polluters and private investment.”

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